Saving money is easier than making money. If you save a penny then you only need to earn a penny less. Well, as long as you “Wait, Opt, and Re-train” before swiping your card or part with your hard-earned money, saving is going to be super easy.
Making small changes in your life can fatten your savings and help you budget better. Sounds good right. We tell you how to save smartly– just follow our friends – step by step.
Step 1. $TOP & WAIT!!
In this age of internet and online shopping, you are always surrounded by the temptation to spend your money. When you’re constantly bombarded with enticing advertisements, with some sort of sale going on stores in your neighborhood, it is normal to sway in front of the marketing strategies and end up spending on products you don’t really need but catch your eye nonetheless. Before you reach for your cash or grab your credit card, pause for a minute.
Wait for at least 48 hours before making an online purchase. This will cool your urge to spend in haste and make you analyze if you need the particular item for survival. When you play this waiting game, you can spend productively, save lots of money on products which you buy in a jiffy and end up regretting your purchase. Decide wisely, wait patiently and move on to step 2.
Step 2. OPT & Re-train!!
We are social animals, thriving on a wide range of ideas and experiences. To hit upon something really exciting, our brain first needs to wander, shuffle and look out for options.
It's not your fault for not being able to save. A research study has unraveled the humans’ cognitive bias against saving (https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3949005/). Essentially, our brains are unconsciously attending to earning over saving because we’re so much more focused on earning. Of course, you can’t save something before earning first and this lesson has been well learned by the human brain.
One of the reasons why it’s hard to save is because saving money is essentially spending money on your future self, and your future self’s needs and wants are a lot more abstract than your present needs.
Now is the time to switch your brain and re-train it to look for options to save. Go through your spending lists, track your expenses and make a checklist.
Putting some emergency savings into an account or a certificate of deposit that’s a little harder to access than your typical on-hand money may also help.
If you don’t have the cash then walk away. It’s better to purchase at a later point in time than buying the item using your credit card. It is very rare that we truly desperately need an item. Don’t burden yourself with debt – it’s simply not worth it.
Step 3. $AVE!!
Stopping yourself and thinking Step 2 – OPT & Re-train!! BEFORE you hand over your hard-earned money will put you in control of your wallet helping you to save, save, save!!
Remember the less you spend, the more you save. The move you save, the more likely you meet a happier future self when you retire!
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