In today’s world, everyone seems to be spending and not saving. And the more you make, the more you spend.
This constant increase in spending is called lifestyle creep – and may people fall prey to it.
So how do you make the decision to save – while everyone else is spending?
First – you have to decide that you are going to save. Each time a decision to spend comes up, you again have to decide whether you are going to save instead of spend. This decision – for me – took a lot of time to get right.
Here’s what I did to try and accomplish this:
- Don’t put yourself in bad situations. Now I know this one is difficult. But don’t go to the mall if you don’t want to spend. Find other ways to spend your time. Go to the library and browse through the bookshelves. Re-watch a movie that you really like. Call someone you’ve been wanting to catch up with and spend the time catching up. If you aren’t around the temptation, it is easier to avoid.
But you can’t always avoid situations for spending. So here’s the next thing:
- Before you buy something, take a minute to evaluate what your life will be like with this item in 6 months and without this item in 6 months. If your life will not be financially better for buying the item, you can probably put it down and not spend the money. If you really want to save money, visualization should help you stay on task. But you must do it each and every time you want to buy something.
A trap many new “workers” fall into is thinking they need new stuff because they’ve just started working. But if you can try to go without for a little while – you will find the money you save creates a nest egg so that you can get the “big” items you want – a house, car, etc. – without breaking your budget.
A good concept is to make the commitment to stop spending, but know that you are going to make mistakes. A mistake doesn’t have to throw you completely off track. You can pick yourself up and get back on the saving bandwagon.
This process of being aware, deciding to change and allowing yourself to work through imperfection can help you change your habits. And ultimately change your life.
In short time, you’ll get the hang of it.