In modern times, saving usually means getting a good deal when you buy something. But in the old days, saving was something you did so that you had the money to buy stuff. If you want to grow your wealth, then you need to be saving without spending.
Alexandria Blaelock, author of Holistic Personal Finance: How to pay for the life you want says “Saving has a variety of meanings from redeeming to protecting to respecting, but the most satisfying one is laying aside money to use later.”
Here are Blaelock’s tips saving without spending:
- Establish a Vision of Your Future: Saving, not spending money can be difficult, and you need something that inspires you to leave that money alone instead of spending it. That might be a happy retirement, a European vacation, or a home of your own. Knowing what you are saving for makes it easier to save.
- Develop a Savings Plan: Knowing what your savings are for is a good first step, but if you want to visit France for Christmas, a couple of bucks a month isn’t going to get you there. You need to know the exact total you have to save, how much time you have to save it, and how much you have to set aside each pay day to do it.
- Make it Fun: Keep track of your savings, and give yourself rewards as you reach your milestones. Perhaps you can put stickers in your diary, colour in a progress bar, or make yourself an advent style calendar where you get small trinkets as you progress.
- Save First: Open a dedicated and slightly difficult to access savings account and ask your employer to deposit your savings direct. Or better still, work out your costs and have that deposited to an everyday account and the rest to savings.
- Empty Your Pockets/Purse: Make progress every day by emptying all your loose change into a jar, and when it gets full, putting it in your savings account.
With Alexandria’s tips, you’ll be saving without spending, and reaching your savings goals sooner.
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