The mental aspect of saving is just as important as the physical
Saving money draws from proactive behavior such as putting aside a percentage of each paycheck, budgeting and making informed decisions. However, the mental aspect of saving is more likely to be overlooked, despite being just as valuable. Follow a few simple mental tricks to help you save:
- One good money saving habit is to wait 30 days before purchasing any large-ticket item such as an automobile. Write the name of the item, price, current date and store on an index card. Put the card in a noticeable place, such as your refrigerator. At the end of 30 days, if you still want the item, then give consideration to it—but only then.
- Speaking of days, it also helps to break up time into chunks. For example, with a goal to save $2,000 in one year, getting sidetracked is easy because one year is so far away. However, if your goal is to save about $6 a day, it’s much easier to set aside that amount of money daily.
- Draw up a mental picture of what you’ll look like at age 70 or 75 to help motivate you to save for retirement. In addition, think about your daily needs and your expenses at that age.
- Make saving fun by signing up for games such as the 52-Week Money Challenge or rewarding yourself with a sticker on the calendar for each day that you save successfully.
- Go shopping only with cash—even for necessities such as groceries. Leave the debit and credit cards at home.