Usually when people think of saving money, they think of it in episodic terms. They think of saving money as something that happens at a particular time. It’s very conscious, it requires specific decision, and the amount is very significant. A lot of people think this way. They think of saving as an affirmative act that is easy to see, very calculated, and purposeful. Sure is better than getting a personal loan which gets you more into debt.
While you should you definitely be as intentional as you can when saving money, you can set up a system where you’re saving money automatically.
You have to understand that saving money is a habit.
People who are able to save and grow their money are no different from you.
They only chose to adopt different habits.
Your habits can dictate your overall level of success.
If you’re lazy of shortsighted as far as your personal financial planning and career choices are concerned, don’t expect to reach the top. In many cases, you are the only person holding yourself back from your full personal and financial potential.
By the same token, people who are able to adopt the right habits see the world open up to them because – let’s face it, money makes the world go round. I wish that wasn’t the case, but it’s true. You get more respect, a lot more opportunities, and most importantly at the back of your head you’d feel less stressed because you know that you have at least a cushion to fall on if something goes wrong. It provides a significant amount of psychological security.
I’m not at all saying that you should define yourself based on your material possessions. What I am saying is that most people get a sense of security if they have a higher net worth. The key to this of course is to save money because you want to increase your net worth. You have to save enough cash so you can grow it because it’s very hard to grow your net worth without cash. Do you see where I’m coming from? So it’s really important to figure out how to save money every single day. It really all boils down to the right habits.
The number one reason why many Americans simply can’t get around to saving money and thereby open a gateway to a more secure and brighter financial future is their attitude towards saving. Most Americans think that it’s a chore. They think that it’s a hassle. At the back of their minds, there is some form of mental or emotional pain attached to the act of saving.
This is why they look at it as a very intentional act. The moment you consciously choose to set aside some money, you feel like you are depriving yourself. You feel left out. It’s easy to imagine how other people are enjoying their money and spending it right away, but you on the other hand are miserable because you have to set it aside.
You have to get over this mindset because if this is your attitude, saving money will always be an ordeal. It will always be more painful than it actually is. By simply pivoting mentally and adopting the right attitude, you can set up a system where you’re saving money every single day. The more money you save, the more resources you have at your disposal to grow your net worth. It really is that simple.
So what kind of mindset changes should you be looking into?
One of the big reasons why most people think that saving money is a chore or a hassle or is otherwise negative is because they think that it’s denying them something. When you save, you feel that something is being taken away from you. Can you see how ridiculous this is?
If anything, you’re adding something because when you spend you are literally giving your money to somebody else. Money is changing hands. That is your hard-earned money. You sweated for that cash, but you’re giving it away when you are spending it. This is why it’s really ironic that people who have a tough time saving think that saving money is a form of punishment. They see it as money being taken away from them. There’s nothing of the sort going on.
Look at saving money for what it is. You’re adding money to yourself. You’re adding money to your account, so that you can grow that cash. It’s all about addition. You have to wrap your mind around this. You have to change your attitude based on this central fact.
It’s probably going to be quite rough in the beginning, but as long as you focus on this, eventually you’ll make a breakthrough.
Eventually, you would realize that you are actually adding money to your personal bottom line if you are saving money, instead of continuously taking out loans to survive..
Another way you can change your mindset to produce more positive results as far as your saving attempts are concerned is to look at it as problem solving. Most people like to solve problems. Most people like to use their imagination and creativity to solve puzzles.
Look at saving as a problem that you need to solve, but instead of looking at it from a desperate point of view, look at it as a technical project. Start small. Ask yourself, “How can I save $5 today?” Most people can get around to setting aside $5. The next day, you can then up the ante to $10. Ask yourself, “What would it take for me to save $10 per day?”
Keep increasing the dollar figure and keep broadening your problem solving skills. You’d be surprised as to how much money you would have saved just because you are challenging yourself to solve this problem. Do you see where I’m coming from? It can be fun and it can definitely be an exhilarating journey.
As mentioned earlier, the worst thing that you can do is to look at saving money as some sort ordeal. It is not a punishment. It may feel like you’re punishing yourself, but it’s not a punishment. The moment you stop looking at it as some sort of self-punishment or some sort of ordeal, the easier it would be for you to save and it would also pave the way for the saving period to come by quickly.
Instead of feeling every second of each day where you’re saving money, the days would just blur past you because you are looking at saving as an adventure. You’re looking at it as something that leads to something bigger. Maybe you’d like to pitch a hammock and drink martinis under a hot tropical sun shaded by coconut trees in the tropics somewhere or maybe you’d like to have a big house that overlooks a lake. Whatever your grand dreams may be of financial freedom and personal opportunities, it has to be paid for.
It’s not going to just materialize by magic. You need money to do that. This is why you need to look at saving as an adventure. Look at it as a series of puzzles you need to solve and at the end of the tunnel and at the end of the process, you’ll see yourself enjoying life to the fullest. That’s how it works.
You have to do whatever it takes to change your mindset. Otherwise, you’re not going to make much progress.
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