When it comes to spending money it’s very easy to go overboard.
Things can go from ‘treat yo’ self’ to ‘where did all of these charges come from?’ real quick and by the time that it’s all said and done you haven’t saved a single dime — it’s okay, this is a safe space.
What’s all the working hard worth if there’s nothing to show in the end?
When it comes to the average working American, statistics show that people are “still struggling when it comes to saving money for both their short-term and long-term goals.”
According to those same statistics, “more than one in five (21 percent) [of working Americans] don’t save any of their annual income.
If you’re wondering why this is so, it’s because oftentimes once the bills are paid and those self-care days turn into a shopping spree, it’s hard to turn off that impulse spending once it gets started.
For those with the “spend a check and get it right back” mentality, we’ve got a solution to how you can save money and live your best life by putting an end to impulse spending with the following tips:
Let Go Of Your Past
You read that right. Those previous financial mistakes do not define you and they can actual keep you back when it comes to saving those coins.
It’s not always easy to accept the debt you may have accrued over the years, but as they say, the first step forward is admittance.
Sit down and face those previous mistakes so that you can look toward financial freedom in the future.
Track Your Spending
Just like you track your success and the goals you’ve made for the year, adding that spending in there.
If this means that you have to open your planner or calendar at the end of the month and calculate your spending — honestly, track your spending weekly if you know that you can be impulsive when it comes to spending the dinero.
Your net worth will be the north star to allowing you to save money because whenever you experience financial setbacks you can visually see how far you’ve come by keeping a physical rundown of your spending.
Remember, saving money is only half the battle, consistency is the other half.
Save More Than Half Of Your Available Money
Of course, once your expenses are handled, be sure to put away over 50% of the money that you have available in your checking account.
Once you take care of all of your necessities, you can get peace of mind by just tucking half of that money away so that you won’t even miss or see it in your available balance in your checking account.
This will help you to be mindful of your spending and trick your brain into thinking you don’t even have access to the money because you’ve already saved it.
Treat Yourself… Only After You’ve Saved It
Saving doesn’t mean that you don’t have to treat yourself to nice things!
Just be mindful to set realistic goals first and once they’re met feel free to reward yourself.
Not only will you shy away from feeling guilty for treating yourself, but you can also feel good knowing that you knocked out a saving goal!
Set Up Those Automatic Bank Transfers
We all know that you aren’t grown-grown until you set up those automatic payments so take it an inch further and set up automatic bank transfers to jump-start your savings.
Your savings account will be so grateful to you because it’ll constantly be fed each payday and again, you won’t even miss the money because you’ll never see it in your regular checking account!