Saving is an interesting thing. For some it is easy but for others, it seems just something that other people do. An impossible dream.
There is a popular view of people who don’t save for the future as lacking in self-control. I believe, however, that it has less to do with self-control and more to do with a lack of attention.
When pressing current expense issues arise, it is easy to lose sight of future priorities like retirement, or even next Christmas.
Saving for future goals, dreams and old age is crucial to our financial security in these shaky economic times. Taking responsibility for our own destiny is cool right now.
How to make saving a reality? – JUST START
The best way to start saving is to………….simply start! Start today with £1. You must have £1 to have £2, right? So, start with £1!
Open an account today and put £1 in it. It doesn’t matter where. Maybe go to the bank or building society that is closest to you – just DO IT!
I like to look at £1 coins as foot soldiers. Foot soldiers to protect me against “stuff” that may dump itself on my doorstep when I least expect it. “Stuff” that I want to be ready for.
One foot soldier becomes two, two become five – and five become ten. Ten becomes a hundred and now I have an army! I then start building my next army of 100 foot soldiers to keep me safe or to give me my dream.
I find growing my army addictive. Placing my foot soldiers in an interest paying account grows them some more. Very exciting!
A purchase that gives me little long-term value – becomes …… foot soldiers. Maybe only one or two, but added to the ones I already have… I am heading towards another army of 100!
Saving does not always mean slashing budgets and living a meagre life. Here are some tips on saving without actually realising it…
Pay yourself first – as soon as you get paid, set up a direct debit to pay into your savings pot. You will soon get used to it. It is a bit like jumping into a pool – you just have to brace yourself to do it once, but you get the benefits in the future.
Make small changes – choose a couple of small changes that you can make that will not make that much difference to you in the long run and stick to it. A daily morning coffee on the way to work might cost you £2.50. Skip the takeout just two mornings a week and that is £5 saved. Five whole foot soldiers! Four weeks will be 20. Well on the way to another army.
Take a few minutes to think about each purchase you make. Ask yourself which gives more joy – the purchase or increasing your protective army? It the purchase really going to add value to your life as much as the foot soldiers?
Flipping the View
Saving is all about flipping the view from scarcity to abundance. Believing that we have little money actually encourages us to spend on small treat items to cheer us up. Flipping our view from the small treat for instant, but limited gratification to resisting and saving one or two foot soldiers can be life-changing.
So, start saving today. Just do it and watch those foot soldiers multiply. Let me know how you get on…..