In a world today where spending is encouraged and large amounts of debt is normalized, many people underestimate the importance of saving. Here are some ways you can normalize your saving habits.
- Save for your retirement. With social security not cutting it anymore, it’s imperative to have a steady flow of cash after you retire. Take advantage of this young (compound interest is your best friend), max out your 401k, request employer match if available.
- Practice delayed gratification. We’ve all had something we had to wait for, and when we got it, it was pure bliss. Similarly, whenever a situation arises for something pleasurable, take a step back. This will allow you to plan, save and prepare for whatever impact this purchase might have on you financially.
- Lastly, track your spending/ budget. It may be as simple as checking your account statements or bringing a list to the grocery store. This will help keep you on track financially and show what you can do for your future: have I saved enough for this downpayment, have I paid off enough debt, etc.
Changing spending habits does not happen overnight, but you can start today, and plan for your next purchase, the next bill statement, or even the next trip to the store.