HOW many times have you tried to save money? If you’re anything like me the answer is probably tens of times and always with the best of intentions. But it’s difficult – isn’t it?
So what exactly is the problem? Why is it when trying to save money, it seems to melt away in our hot-to-spend little hands?
The answer is because we are not dedicated to the cause.
Many of us spend flippantly without thinking through the real financial impact. Lots of women treat themselves to little (or big) something once their monthly salary hits their account, while beauty brands are forever encouraging us to their buy products, ‘cos we’re worth it!’ – or so they tell us via the advertising campaigns.
But really – is all this spending worth it?
Imagine studying for an important exam – constantly breaking concentration to have a cup of tea or watch a favourite television programme is not going to help in passing the exam. Therefore, it’s important to give up such treats until you’re in a situation where it’s OK to relax and reward. And in financial terms – unless you are sitting on a substantial amount of savings – you’re never ‘worth it’!
One way to sling shot yourself into a steady saving pattern is to get tough. Kidnap the spender within you and tie their hands. Only then will you begin to save.
A few years ago, I set up an automatic money transfer from a current account to a savings account. Each month, money went directly into the savings account – for which I had no ATM card and therefore much less temptation to spend.
After just a year I had clocked up a tidy little sum. And by seeing how my savings had grown over the 12 months, I was encouraged to continue with this plan. My temptation to spend suddenly diminished and a sense of pride took over that will probably never allow me to get an ATM card for this particular savings account!
Don’t just talk about saving. Take a big, bold step and actually make it happen.