How to Get in the Habit of Saving

January 07, 2020
Setting money aside is something we all know we should be doing. However, our salaries often don’t match the rising cost of living, and so, for many, building a savings account seems next to impossible. But the truth is that saving money is an attainable goal no matter what your income is. Don’t believe it?
How to Get in the Habit of Saving

Read on and see how easy it is to start saving money right now, no matter what your income is:

Conviction and Commitment

First, you need to convince yourself that setting money aside is a priority. Do this by making a list of all the reasons you have to save up. Once you’ve enumerated these, then your next step is to commit yourself to start saving now, no matter what. 

Create a Habit

Change your mindset by creating a new habit, one of setting money aside every week. Don’t worry about how much money this represents, because the amount isn’t important for now. Even if you manage to stash away only a few dollars per week, you are still headed in the right direction. 

Set a Financial Goal

Although initially, the amount of money you set aside doesn’t matter, you still need to have a monetary goal. This means you need to figure out how much money you can reasonably set aside every week. Is it 2$, 5$, 10$ or more? No matter how insignificant that amount may seem, by setting that money aside instead of spending it, you are nonetheless working towards your ultimate goal of making your savings account grow. 

Spare Money

Think you have no money to spare? Well, think again. 
For starters, sit down and write how much money you are bringing in, versus how much you are spending every month. Then, look for places where you can trim your expenditure. For instance, would it not be possible for you to save on utility bills either by renegotiating their terms or by changing providers? Could you not spend less by shopping only when you absolutely must, and by taking advantage of rebates and sales? And so on. You get the idea. 
These are only two examples of areas where your household expenses could possibly be reduced. No doubt you can come up with many others.

As we’ve seen here, getting into the habit of saving money is possible no matter what your income is. It all starts with what your priorities are moneywise. So next paycheck, before you even think of paying your bills and spending away that hard-earned money on things you don’t need, why not first set some aside? Just imagine how much bigger your savings account could be by next year.

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