Keep your eyes on the price when spending,
don’t regret later to find that you have
nothing for tomorrow.
Are you a good saver?
Few people save enough money to maintain a reasonable level of financial security. Many seniors need to continue to work well into their golden years to make ends meet. Adopting effective habits can make saving money a great deal easier. A few small changes may be all you need to have a financially abundant future.
Saving is a slow process and requires years to see some impressive results. However, your habits dramatically influence your results over time.
7 Habits that will Help:
1. Savers pay themselves first.
- Our instincts can steer us into unproductive directions. Many of us feel compelled to pay all of our bills first before putting anything into saving. It is a great feeling to be out from under the mental burden of bills and other financial obligations. But , for most, there is rarely anything left at the end of the month to put into savings.
- Make a habit and commitment to save a percentage of every single dollar you earn or receive.
- Start with 2% if that is all you can afford, but make a serious effort to increase the amount in the future.
- Avoid spending this money on anything else!
2. Savers save automatically.
- It is much easier, as well as more effective to simply have the money removed from your paycheck before you have the opportunity to spend it.
- Most employers are willing to split your paycheck and send a portion to a separate account. This may be the easiest way to save.
3. Savers keep their spending in check.
- The less you spend, the easier it is to save.
- Go through your spending over the last month and determine if all your money was well spent.
- If you find that it was not, start carefully monitoring your spending next month.
- Think about how much your spending is costing you.
- Shop with a list. We have all gone to the store for a few small things and come home with far more. Make a list of what you need and stick to it.
4. Savers avoid debt.
- Trying to save while in debt is like walking up a hill and never getting to the top.
- Consumer debt is an obstacle to achieving any financial goal.
- If you are unable to pay cash, you simply cannot afford it.
- Unless it is for something very important that needs to be paid for immediately in an emergency situation, avoid accumulating any unnecessary debt.
5. Savers have goals.
- Saving is easier if you have a clear picture of the reason.
- The objective of a comfortable retirement or sending your child to an Ivy League school can help you maintain your focus.
6. Savers take regular measurements.
- You will find that most savers are very aware of how much money is in their accounts and how much they have saved and spent.
- They are on top of their income and expenses.
7. Savers are financially responsible in general.
- They pay their bills on time.
- They know how much debt they are carrying.
- They have an emergency fund for the future.
- Do you know anyone that saves well, and the rest of their finances are a mess?
Take full responsibility for all aspects of your financial life.
It is possible to save enough money to secure your future. Having more effective habits will enhance your results. With a few minor adjustments to how you are spending and saving, you can watch your savings grow.
Our lives are the result of our habits.
Create habits that support your financial well-being.