• Main Menu
    • Home Page
    • Secure Area
    • File a Claim
    • Make a Payment
    • Refer a Friend
    • Join our Newsletter
    • Important Links
    • Insurance Glossary
    • View our Blog
    • Location(s)
    • Employee Directory
    • Contact Us
    • Extra Page 1
    • About Us
    • Privacy Policy
  • Automobile
    • Automobile Insurance Home
    • Auto Insurance Quote
    • Request ID Card for Auto Policy
    • Request Declaration and Coverages Page for Auto Policy
    • Send Declaration and Coverages Information to Lien Holder
    • Add Vehicle to Existing Auto Policy
    • Remove Vehicle from Existing Auto Policy
    • Add Driver to Existing Auto Policy
    • Remove Driver from Existing Auto Policy
    • Mechanical Breakdown
  • Homeowners
    • Homeowners Insurance Home
    • Homeowners Insurance Quote
    • Request Declaration and Coverages for Existing Homeowners Insurance Coverage
  • Renters
    • Renters Insurance Home
    • Renters Insurance Quote
    • Request Declaration and Coverages Page for Existing Renters Insurance Coverage
  • Motorcycle
    • Motorcycle Insurance Home
    • Motorcycle Insurance Quote
    • Request ID Card for Motorcycle Policy
    • Request Declaration and Coverages Page for Motorcycle Policy
    • Add Motorcycle to Existing Policy
    • Remove Motorcycle from Existing Policy
    • Add Driver to Existing Motorcycle Policy
    • Remove Driver from Existing Motorcycle Policy
  • Business & Commercial
    • Business & Commercial Insurance Home
    • Commercial Auto Insurance Quote
    • Request ID Card for Commercial Auto Policy
    • Request Declaration and Coverages Page for Commercial Auto Policy
    • Add Vehicle to Existing Commercial Auto Policy
    • Remove Vehicle from Existing Commercial Auto Policy
    • Add Driver to Existing Commercial Auto Policy
    • Remove Driver from Existing Commercial Auto Policy
    • General Liability Quote Form
    • Business Owners (BOP) Quote Form
    • Workers Compensation Quote
  • Health
    • Health Insurance Home
    • Health Insurance Quote
    • Disability Insurance Quote
    • Long Term Care Insurance Quote
  • Recreational Vehicle
    • Recreational Vehicle Insurance Home
    • Recreational Vehicle Insurance Quote
    • Request ID Card for Recreational Vehicle Policy
    • Request Declaration and Coverages Page for Recreational Vehicle Policy
    • Add Recreational Vehicle to Existing Policy
    • Remove Recreational Vehicle from Existing Policy
    • Add Driver to Existing Recreational Vehicle Policy
    • Remove Driver from Existing Recreational Vehicle Policy
  • Life
    • Life Insurance Home
    • Life Insurance Quote
    • Term Life Insurance Quote
  • Earthquake
    • Earthquake Insurance Home
    • Earthquake Quote
    • Request Declaration and Coverages Page for Existing Earthquake Insurance
  • Locations
  • Video Library
    • Auto Insurance Videos
    • Homeowner's Insurance Videos
    • Mercury Insurance Videos
Auto Homeowners Umbrella Earthquake Commercial
Home > Blog > 12 Tips to Stay in the Money-Saving Mindset
WEDNESDAY, APRIL 5, 2017

12 Tips to Stay in the Money-Saving Mindset

12 Tips to Stay in the Money-Saving Mindset        money saving tips image
  • by: Sheiresa Ngo

If saving money isn’t your strong suit, don’t worry. Changing your money habits will have its challenges, but with a little effort, you can stop making so many unnecessary purchases and start building a sizable savings. The first step is to think about your goals and priorities. Why do you want to save money? You might be looking for the security of an emergency fund, hoping to spend less time working, or preparing to buy a new car. Recognizing what’s important will help you get to a place where saving money seems only natural.

Next, examine your financial behaviors to determine what you need to change. Look at old credit card statements and bills, and ask yourself whether those purchases could be eliminated or reduced. In order to have enough money to draw on for your savings account, you need to keep the future in mind. Too many consumers live paycheck to paycheck, not necessarily because they have to but because they are impulse buyers. If you don’t feel savvy enough to make the proper financial decisions, education is an important step. Read about personal finance, and take the opportunity to talk to people you know about money. Then, once you start prioritizing future needs over present wants, growing your saving account won’t be nearly as difficult.

Whether your savings journey is just starting out or you’re already a saver and want to keep it that way, these tips will help keep you from backsliding into poor money habits.

1. Remember why saving is important to you

Here’s where your savings goals come in. Think about why you want to save money, and take every opportunity to remind yourself. Talk about it out loud. Write it down. Even if your goal is as simple as saving for a single vacation, keep it in the back of your mind as you go shopping or seek out money-saving opportunities in your daily life.

If your goal is to be a great saver in the long term, think about the financial freedom you will be gaining. It can be easy to concentrate on what you have to give up in order to save money, but if you shift your attitude to focus what you’ll get in return, it’s much easier to make the daily decisions needed to get there.

2. Hold yourself accountable

Budgets, spreadsheets, and shopping lists are enough to put the average consumer to sleep, but don’t be afraid to give this strategy a try. People who are already in the habit of jotting down notes or lists will likely be very successful making strict shopping lists and sticking to them. It doesn’t take much time, and it might save you the effort of trying to remember what you actually need when you get to a store.

Once you make a reasonable budget for yourself, don’t stray from it. If anything, check it over once in a while, and find expenses to reduce or eliminate if possible. You can do the same thing with your grocery list before you start your shopping trip.

If you aren’t a list-maker, a more automated approach to budgeting might be helpful. Set up automatic deposits to your savings account and auto-pay for your bills and credit cards. Just make sure you monitor your accounts to ensure you always have sufficient funds for these transactions.

3. When you get a raise, don’t increase your spending

It might seem natural to start spending a little more after a promotion. Maybe you start eyeing a largerapartment or some high-end gadgets. The problem is a more expensive lifestyle could jeopardize your saving behavior. Think of a pay raise as an effortless way to speed up your savings. Keep living modestly, and put any extra income, whether it’s from a raise or an extra freelance gig, straight into your savings account.

Many advisers claim saving 10% to 15% of your income is sufficient no matter what tax bracket you’re in, but some personal finance writers advocate for saving as much as half of your income if you can. A more radical approach to saving could mean an early retirement or at least reaching your savings goal in a fraction of the time you expected.

The key is to be happy with what you already have, enjoy living simply, and look forward to the rewards of a disciplined money-saving mindset.

4. Create a vision board

Do you have trouble believing you can actually save the amount of money you’re hoping to save? It’s easier to reach a financial goal if you can see yourself accomplishing it. One way to do this is to create a financial vision board. This involves cutting out pictures of different financial goals you desire to reach. The pictures could be from your favorite magazines, newspapers, or even photos you’ve printed from the internet. If you can see your goal, you can achieve it.

5. Separate needs from wants

One way many people get out of the money-saving mindset is when they spend a lot of money on wants instead of needs. It can be easy to confuse the two, especially when you really want something. You might become so overwhelmed by your desire to have something that you convince yourself it’s really a need and not a want.

If you want to prevent this from happening, you’ll need to take your time when making a purchase you’re unsure about. If you can’t decide whether something is a need or want, take a few days to think about it. This cooling-off period will provide some clarity and help you truly see whether it’s just an impulse buy or something you really need.

6. Learn why you spend

It will be easier to save when you get to the bottom of why you spend. For example, do you buy a lot of clothes because you want to impress someone? Or are you always spending money on eating out because you haven’t set aside enough time to cook at home? If you’re more focused on impressing others or you haven’t established financial discipline, it’s time to work on getting a handle on these bad habits.

7. Address lingering money problems

If you want to stay in a money-saving mindset, you need to take care of any destructive money issues. Perhaps you’re not used to having a lot of money, so you tend to save money and then find an excuse to spend it. Or maybe you can’t seem to land a job that pays well enough for you to save money in a reasonable amount of time, and you’re chronically underearning. Consider consulting with a financial therapist or joining a financialsupport group, such as Underearners Anonymous.

8. Ask for help

No matter how tough it gets, stay committed to saving money. If you find it hard to continue saving money, ask a friend or family member to help you stick to your goal. Don’t be afraid to ask for help with getting to your money goal. A “money buddy” can give you the push you need to reach and even exceed your target. This way, if you have a weak moment and you’re tempted to buy something you don’t need, you can call your moneybuddy to help talk you out of it.


  • 9. Make a game out of saving money

  • Saving money doesn’t have to be a chore. Make a game out of it, so you can stay motivated. You can even have a few friends join in on the fun. One idea is to try the 52-Week Money Challenge. This is a challenge that requires you to save a certain amount of money each week during the year.

One personal finance expert who encourages this method is Tiffany “The Budgetnista” Aliche. “The challenge works like this: Each week you deposit the number of that week of the year into a savings account. During the first week of the new year, you would deposit $1; the second week, $2; etc. By the end of the year, you will have saved almost $1,400!” Aliche said on her blog.

10. Track your progress

Don’t get too comfortable after reaching a big savings milestone. Once you’ve saved a certain amount of money, it’s easy to fall back into your old habits. Continue to keep an eye on how you are doing with your money goals. One trick is to make a chart of the money goals you have reached. Each time you reach a goal, mark it on your chart, so you can see how far you have come. This will keep you motivated to keep saving money. If creating a chart doesn’t appeal to you, try using a money-saving app, such as Digit or Qapital.

11. Keep educating yourself

Keep learning as much as you can about how to manage your finances. If you want to be a money success, it’s important for you to keep feeding on new financial information every day. Pick up a personal finance book, go to money seminars, and read money blogs. The more you learn about money and how it works, the more you will commit to making savings a priority.

12. Celebrate successes


Keep pushing forward by giving yourself a pat on the back when you reach a goal. Every time you reach a savings milestone (for example, $500), celebrate. Reward yourself by watching an extra episode of your favorite TV show or allowing yourself to enjoy an extra slice of cake. Find ways to celebrate without spending money. You don’t want to celebrate so much that you get yourself right back into debt.

Posted 11:00 AM

Tags: 12 tips to stay in the money-saving mindset
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2010

  • 5 tips to protect your possessions with valuable items insurance coverage(3)
  • spring driving tips(3)
  • john o'leary monday motivation: would you do it again?(2)
  • preventing slips and falls in your home(2)
  • crime spikes on halloween: fictional ghost story or factual concern?(2)
  • 3 easy ways to get rid of fruit flies(2)
  • why 2 experts say you should clean your medicine cabinet — and their 5 key tips(2)
  • john o'leary monday motivation: what do you see?(2)
  • help keep your teens safe behind the wheel(2)
  • 10 best places to get a deal on glasses(2)
  • motivational monday(2)
  • things burglars look for before breaking into a home (and what keeps them away)(2)
  • grilling safety tips(2)
  • ez-prep (severe weather: emergency preparedness and response planning)(1)
  • false facts you believe about money(1)
  • motivational monday with john o'leary: how heroes are made(1)
  • home safety tips(1)
  • john o'leary monday motivation: leave it all behind(1)
  • the flu is a bad souvenir. here’s how a pilot stays healthy while flying(1)
  • are you protecting your family from harmful uv rays?(1)
  • why you might want to wrap your car key fob in foil(1)
  • 10 smartphone camera features that make you feel like a professional photographer(1)
  • life insurance misconceptions(1)
  • should you pay off your mortgage?(1)
  • 19 discounts seniors didn’t know they could get(1)
  • 10 simple & sustainable tips for a healthier you in 2019(1)
  • confessions of a car salesman(1)
  • 6 simple spring car care tips(1)
  • car cleaning tricks that your body shop won’t tell you about(1)
  • drinking coffee won't improve your metabolism — here's what actually works(1)
  • ridiculously simple and free ways to live a more sustainable lifestyle(1)
  • financial book clubs make learning about money more social(1)
  • 6 ways to secure your home when you're away(1)
  • monday motivation with john o’leary: a small act of caring(1)
  • family fire safety tips(1)
  • 9 healthy holiday-eating strategies(1)
  • monday motivation with john o'leary: will you see it?(1)
  • how times of trouble remind us to be grateful “if the only prayer you ever say in your entire life is thank you(1)
  • tips to keep your house plants happy and healthy(1)
  • small money moves to change your financial future(1)
  • john o’leary motivation: it’s not about you(1)
  • always bloated(1)
  • 15 times you should definitely be washing your hands and aren’t(1)
  • john o'leary monday motivation: redefining perfect(1)
  • john o'leary monday motivation: slow down and enjoy life(1)
  • john o'leary monday motivation: where do i belong(1)
  • what to do when you're hacked(1)
  • 20 ways to save money(1)
  • focus on safety all year long(1)
  • power outages(1)

View Mobile Version
QUICK LINKS

Home
About
Get a Quote
Contact

Refer a Friend Leave A Review
                          R.L. Thomas Insurance Service, Inc.

                              21021Ventura Blvd., Suite 215                         
                              Woodland Hills, CA  91364                    
                              Phone: (818) 380-1700                            
                              Fax: (818) 906-0667                                
             

                               License#: 0601754
Powered by Insurance Website Builder