- Ways to spice up savings
- The Pay Yourself First mentality of savings
- How to realize that savings is actually future spending
- Challenge yourself to save
- Quote of the lesson
Savings vs. Spending. We can tackle this subject through a variety of lenses and as mentioned in the show we have. But today we are going to talk about it through a unique way that was helped inspired by a client I was working with a few months back.
The client wanted to save more money but wasn’t able to save as much as they wanted and instead was spending it on other areas. We tried to focus on ways to spend less in those areas, but for whatever reason it didn’t seem to work. So instead of focusing on where to spend less, we instead focused on where to “spend” more, and that happened to be “spending” more on savings.
To “spend” more on savings we had the client transfer money out of their main account into their savings account each day they got paid. That way the money wasn’t floating around in the main account looking to be spent.
It might seem like a psychological ploy but by having a “spending” goal of savings allowed the client to reach their savings goal and was able to feel more empowered with their finances.
In addition we also share some other good ways that you can employ to start to save more in 2017. Hard to believe that a new year is right around the corner, but this time of the year is always a good time to start to write down some your financial goals.
Other resources mentioned in the show
- Lauren Greutman’s book The Recovering Spender
- Lesson #77-Can a saver learn to spend?
- Lesson #76-Can a spender learn to save?
- Lesson #38-How do you decide when to save and when to spend?
- Lesson #14-When to loosen up your spending
- Lesson #123-Is there a need for multiple bank accounts for saving?
- Lesson #99-Why we don’t have a car payment
Today’s quote of the lesson is brought to you by Audible.com
“Rich people stay rich by living like they’re broke. Broke people stay broke by living like they are rich.” – Unknown
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