Get Pleasure From Saving Money

April 29, 2009

The key to developing a lifelong habit of saving money is that you must never feel deprived. Saving has to feel as good as spending. Of course, you’ll need to turn a deaf ear to the many commercial messages that have been bombarding your brain ever since you started watching Saturday morning cartoons. In place of the advertiser hype, keep reminding yourself that the money you save holds the promise of an even greater reward down the road. That’s because your savings will be earmarked for the things you know you want — not what somebody else wants you to buy.

To stay focused on your goals, make a list of everything that is important to you. These might range from items you want to purchase within the next year, to having a million dollars someday. Whenever you’re tempted to buy something on impulse, check your list. If it’s not on the list, don’t buy it. If you decide you really want it, add it to the list. But don’t buy it on the spot. Stick to your savings plan; wait until you’ve saved enough to pay for it.

It’s okay to dip into your savings for the items on your list — as long as you have clearly thought them through and are not in danger of depleting your savings. In fact, you may want to keep separate accounts for near-term goals (1-5 years), mid-term goals (5-10 years) and long-term goals (more than 10 years). That way, you won’t be in danger of derailing your retirement plans or buying a new car or putting a down payment on a house.

Live the Good Life and Have Money Left Over
Saving money doesn’t necessarily require sacrifice and deprivation. Lots of people get by quite well on the amount of income you are proposing to live on. In fact, once you rethink your priorities, you may find that you can live better on less money. Who’s to say that a walk in the woods or building sand castles on the beach isn’t more enjoyable than an expensive afternoon at an amusement park? Some of the best things in life really are free, if you approach them with the right attitude.

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