When you do not have a habit of saving, you are losing out in the race to financial freedom.
How can you get into the habit of saving?
The key is to start small, and build up your confidence.
That means you start by saving coins every day.
You can use note for purchase, and save the change. On the days that you do not buy anything, you can save a small note.
It is easier to start small, because you do not feel so stressful when you cannot meet the goal of saving a huge sum of money.
An advantage of saving coins is that you can feel the weight of the coins. Coins are real money because you can see it, touch it, and hear it.
Once you have a habit of saving the small money, you can aim to save bigger sum. While you aim for a bigger sum of money to save for, you must not forsake the good habit of saving coins.
You can set up a separate saving account, and set up an automatic transfer of a sum of money to the saving account.
This will make it so automatic that you do not have to worry about breaking the good habit of saving money.
You have to make sure that the money in the saving account is not used for daily expenses. This will be the emergency fund, and use only in life and death situation.
The trick is to forget about the saving account.
Since you are not going to use it, you might as well forget about it. By the time when you need to use the money, you will be surprised at how the money grows.
An automatic transfer of just $5 a week can add up to a few hundred dollars in a few months, and you will see a thousand dollars in a few years.
If you can increase the automatic transfer as you get a higher salary, that is enough better.
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Starting small is the key. I have a piggy bank in my almirah in which I empty the coins in my wallet after every 2-3 days. This may sound kiddish but I have always found piggy banks to be a good way to start saving.
Kitty bank is definitely a good way to start saving.
When we use ATM or debit card or credit card, we do not feel that we are spending real money, but when we use coins, we can feel that is real money.
yup, a piggy bank is a good habit to start from young or old. Anyway, it is never too old to learn how to save money.
10cent or 50 cents , everyday you clink into the piggy bank, you hear the sound of shilling jingle, that is the joy.
Nowadays, kids are spending more more instead of saving.
Where have our days gone to?