You’ve probably heard about how important it is to have money saved more times than you can count by now. And we bet you’re still struggling to live by this deceivingly simple financial advice.
What better way to change your saving ways for the better than looking for people who are doing well with their efforts?
Know Why You Save
For starters, Greenlight CEO Tim Sheehan shares that you should have concrete reasons to motivate you to save money.
For example, Sheehan, who runs a personal finance app made for families, shared how his daughter was prompted to babysit more and spend less. The saving mindset jump-started after he offered to pay for half of the money she needed for a class trip to Germany.
He further talked about how giving his children an allowance as long as they learn how to use their own money led them to be smarter with their spending habits.
Speaking of habits, experienced savers believe that it is these routine behaviors that can get people where they want to be financial-wise
As Sheehan says, developing a saving habit will already take you 80% to your goal. There’s also the added perk that you’ll definitely end up saving more over time as your income increases.
Consistency is Key
Of course, habits don’t just emerge overnight. It is made possible when one learns and practices consistency when it comes to saving.
And it doesn’t matter how little you do set aside in the beginning. What matters is that you don’t put off starting to save for whenever you have a significant expense coming up.
Of course, even experienced savers would have instances of weakness along the way. In such cases, it would be helpful to have a clear vision of your goals to look at to keep you going and saving.
Don’t find building an emergency fund thrilling enough? Why not look at it as saving for your ticket to financial flexibility and freedom instead as certified financial planner Nick Holeman does?
The Importance of Taking Breaks
Holeman, who also works for Betterment, also suggests that savers take a month-long break from their intense saving habit every time they hit one of their significant milestones.
This would allow you to treat yourself for a job well done before returning to your previous strict saving regimen.