One of the most difficult habits to imbibe is saving. Many give all manner of excuses not to save. While some say they do not earn enough to save, some others say they have too much bills to settle to leave enough for saving. But whatever the excuse, one must learn how to save one way or another, no matter what your income is, as long as you have some measure of financial security. According to experts, even when it is uncomfortable, the rewards are worth it. And once this economic slowdown ends, you‘ll have financial habits in place to support you for a lifetime.Here are ways you can save without feeling too much of the pinch:
. Spend less time feeling poor: Flipping through catalogues and going to the mall will make you feel like you need things. Sure, you can afford some of them, but the main message is: most of these are out of your reach. Instead, do things that offer a sense of well-being.
. Retrain your brain: Depriving ourselves of current pleasure is almost impossible if we are not driven by a sense that the future will be more fulfilling. When you start to feel that “I‘m deserving so I‘m buying” feeling, visualise a smaller credit bill or higher savings-account balance.
. Look around you: Are you happy with what your hard-earned money bought? If not, shift your spending to those things that bring greater long-term satisfaction, including retirement savings.
. Choose your extravagances: Here‘s mine: I eat out about once a week. An extravagance I do without: Cable television. . Assess weaknesses. “If you were thrifty, how would you look different?” Identify what you want to change; then shoot for specific targets, such as a six-month hold on buying new tech gadgets.
. Make trade-offs: Substitute small, free pleasures for those that cost. Have a movie night at home with friends - you‘d be surprised how many people are equally eager to cut costs.
. Set goals: Meet weekly with family to discuss the spending plan (don‘t call it a budget) for the months and years ahead. This may involve tough choices, such as forsaking a family vacation. But think of the guilt-free trip you can take after saving the necessary cash. Remember that good memories last longer.
. Resist your children: They‘re going to find it hard to change their expectations. How can you help? Stand firm. The next time they clamour for the latest videogame or some other expensive item, remind them of the bigger prize (the family vacation), and tell them their choices here and now are, say, a picnic or a movie rental. Offer options, but don‘t give in to their push for more consumer goods.
. Enlist other peple: Many people are reticent to talk about money worries, but almost everyone has them, so open up and tap your allies. Hold a contest with friends to see who can save the most in a month, or agree with your spouse to talk before spending a high amount of money.
. Automate it: Divert money monthly from your checking account to savings. It will force you to budget, based on what‘s left in your checking account.
. Rethink rewards: What are some of your happiest memories? Those are the true rewards. Next time you‘re about to buy something because you deserve it, ask yourself whether there isn‘t something you deserve more, such as time at home cooking with your teenager, or a stroll with your husband or best friend.
