• Home
• Personal Finance
• How To Save When You Want To Spend

How To Save When You Want To Spend

Do you love spending money? Do you have a hard time saving? For some people it can be a pretty hard to save money when all you want to do is spend, spend, spend. If you are wanting to save money, but are having a hard time, don’t lose heart, you can do it. The following article contains some helpful tips that you can use to help you build your savings account when you area a big spender.

When you decide to start saving, make a goal for yourself. Make sure your goal is achievable. It might be best for you to start small and build up the amount you save over time. For instance, save just $20 a week to start with, if that is something that you feel comfortable setting back. If $20 is too much, make a goal that you know you can handle.

If you do not feel like you can physically put money into savings, set up a deduction from your paycheck. You can contact your payroll office and ask them to put a certain amount or percentage from your paycheck into a different account. By doing this, you are never actually touching the money and it will be automatically going into your savings account. Before long, you won’t even miss that money coming out of your check.

Do you enjoy spending? Do you have a hard time limiting your spending? Consider giving yourself an allowance. It might be best if it is cash so you will have to actually hand it over when you spend it and then you can physically see how much is left. Just like your goal, make sure your allowance is something that you can live with. If you make the allowance too small, you may just get more out of your account and then the allowance becomes meaningless.

Do you know where your money is going? If you don’t know where your money is going, it is hard to determine where you can cut back. For a few weeks or longer, write down each and every cent that you spend. By doing this, and reflecting on your spending, you can look at where you can cut back and begin to save more money.

Do not hide anything about your spending. By being open and honest with your spending habits, you are less likely to go out and buy things that you do not really need.

Don’t purchase something the first moment you decide you want it. Take some time to think about it. Think about how it will affect your bank account. Will it make your life better? Can you live without it? Is it something you can save up for and buy later? Delaying your gratification may take some practice, but after doing it a few times, it will become easier and easier.

If you are determined, you can change the way you spend and begin to build a nest egg. Try out some of the tips shared here and you can begin making positive changes in your life.

Related Posts to How To Save When You Want To Spend