I don’t love saving. I catch myself dreaming of inventing the next hot iPhone application, becoming Steve Jobs favourite person and earning millions upon millions so I never have to scrape by again. I fantasise about becoming a rock star and selling out, garnering myself copious amounts of cash in the process.
The smarter part of my brain knows these things will never happen, so somewhere along the way, I have to learn to like saving money. After all, it shouldn’t be too much of a stretch- I hate having no money. I hate waking up, stressed about my credit card debt or where next week’s rent is going to come from.
The best place to start is to work out why we hate saving so much. Here’s what I’ve learned about myself so far.
I hate saving because…
Here are my reasons;
Owning that I mishandle finance makes me feel bad
Guilt is a powerful emotion and one often associated with finance (at least in my case.) Studeconomics, in an article about why 20 somethings hate personal finance, suggests that the guilt associated with discussing finances is often dealt with by just avoiding the topic altogether. The longer you avoid dealing with your financial problems, the worst they get. By the time you look at them, they’re not healthy. How can you love saving when you’ve got a big mess to deal with?
How to find the love
Talking about finance is your number one task. Confronting the reality of your financial situation is an important step in the path to be an effective savings plan. According to this article, spending one weekend getting your finances in order will make all the difference. Swallow the bitter pill, get into action, and you’ll find the guilt starts to dissipate. Then the problem will be shutting you up about your amazing personal finance tips.
I start out severely frugal, then become severely lazy
Every time I set out to get fit, I end up pulling a muscle. Instead of easing into some kind of exercise program, I get gung-ho, injure myself and proceed to revert to my state of natural sloth. The same goes with saving- I plan to spend $2 a day, become miserable on that impossible task and spend a lot of money to make myself feel better.
How to find the love of saving
Realism is not a virtue I have in spades, but it essential to a savings plan. Set up a realistic savings plan that you can stick to without making your life a living hell.
Set up an automatic deduction from your weekly paycheck. Once it’s gone, the rest of your pay is for you to spend how you will. Say goodbye to guilt and enjoy your pay as, after all, you earned it.
Saving money doesn’t sound like fun
Let’s admit it- saving money involves some sacrifices. Often the first things to go are your nights out, your weekly CD purchase, your season tickets to Belvoir. It’s not the easiest of things to enjoy.
How to find the love
If you start tracking your spending, you’ll find money drips away on the most useless of purchases. Once you stop that spending, you’ll find yourself with extra savings. Reward yourself as you go, and spend the money on something you really want.
You’ll find saving a lot more enjoyable once you start seeing the results.
Do you love saving?
What tips do you have for others out there?