![]() ![]() I’m against adopting frugality for the sake of doing so but being frugal isn’t binary– there are different levels to frugality. It’s okay to use your money to buy things that make you happy but, if you’re not saving enough after taking out your expenses, you need to take a different approach. Now, when payday comes, your money is automatically saved. This way you make it more challenging for you to withdraw your money. Take this a step further and open external savings accounts to automatically transfer money into. For example, have your money automatically transferred to different accounts. However, don’t feel bad we’re all human and prone to mistakes.Ĭreate an automatic budget to help solve the problem. Stop trusting yourself to save money you’ve already seen where this has got you. Use money tracking apps to better track your cash flow just sync-up all your accounts and let the app do the rest. Imagine you get paid twice per month, and spend an approximated amount of your salary on expenses the rest sits in the same bank account without a purpose. You may believe you understand your cash flow – the money coming in and out of your account. ![]() Save money first and reward yourself with an item from your ‘wants’ list once you’ve reached a savings goal. You shouldn’t buy everything from your wants list immediately instead, pick one and create a budget for it. Then, create your list of wants for items such as high-end shoes, the latest smartphone, etc. It’s okay to like expensive brands the problem is trying to buy everything because you want to keep up with friends and family.Ĭreate a list of items you truly need for example, a house and food are needs. Your goal is to challenge bad money stories to create better ones. For example, if you believe you should spend your money as it comes, ask how this has turned out over the last few years. knowing you have been spending your money poorly these past few weeks?įigure out what money stories you’ve been telling yourself and challenge them. When you hear ‘savings’, what comes to mind? Do you get excited because you’re on track for retirement? Or, do you cringe. Now you’re aware that you carry bad habits, you can get out of them. This isn’t to make you feel bad instead, be proud of yourself for being honest and show some self-compassion. Go ahead and admit you’ve been lying to yourself for some time now. It’s not easy to accept that you’re not saving as much as you should it’s easier to ignore this and spend the money you could be saving, hoping you’ll have enough left over. The reason why you haven’t been able to save for a long time is that you’ve delayed accepting the facts. The most important habit you can learn is to face reality. Go through this list and note which habits you’re weak and strong in. Then, start adopting better money habits. ![]() ![]() The next time you’re tempted to spend money remember why you’re saving in the first place. Get intentional and think about what having more money will bring to you. This is an edited version of an article which originally appeared on Lifehack Here are some ideas from Christopher Alarcon to help you get back on track Isn’t it frustrating to feel you can be saving more? You have great intentions at the beginning of each month – yet, somehow, you spend most of your money. ![]()
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