Change Your Mindset and Save Money
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Change Your Mindset and Save Money

Posted on Friday, December 27th, 2019 at 12:12 am
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Saving money is important, but most people do not find it to be fun. People tend think about all the things they could be spending money on and tend to feel that they are missing out. One way to save money is to change your mindset.

Realize that saving money is a privilege. There are many people who are deeply in debt, with no means of being able to pay it off. Some people are are struggling to pay their utilities and rent, and are unable to afford to buy food or pay for their medical care. Start viewing your ability to save money as a blessing, not a punishment.

Learn to separate your needs from your wants. A “need” is something that you literally cannot live without. This can include food, medical care, and weather appropriate clothing. You need to pay your rent (or mortgage) in order to live indoors, and your utility bills so you can have access to warmth and water.

A “want” is something you would like to have but can live without. A “want” could be the newest smartphone (when your older one is still functional). It can wait until you save up for a new one. Start thinking of saving money as the way to get the treats that you don’t truly need, but desire to own.

Does it seem like you are always running out of money? Why does that keep happening? It could be because you aren’t thinking about what you spend. Buying a coffee before work doesn’t sound too expensive – but it can add up if you do it every day. Start collecting receipts, and it will open your mind to your spending habits.

Change your mindset to see the benefits of saving money. It makes it easier to do!

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Good Tip: Saving money is important – especially if you have a lot of expenses like bills to pay, loans to pay off, and all the other things that drain your bank account. Figuring out a way to save money can feel tedious to some, and like a punishment to others. U.S. News suggests that you try one of these money saving challenges. The “No Eating Out for a Month” Challenge This one is self-explanatory. The goal is to avoid eating out for an entire month. This might be super easy for people who enjoy making meals at home. People who really enjoy dining out, or ordering food to be sent to their home, may struggle with this one. It’s worth a try because spending money on take-out is more expensive than buying groceries. The Pantry Challenge This one is a variation of the “No Eating Out for a Month” challenge. The goal is to use up all of your groceries before you buy more. It forces you to try and remember why you bought a food or beverage that you don’t know what to do with, and gives you the opportunity to find a way to use it. The one exemption to this challenge is the foods that have expired. Don’t eat them! Throw them in the trash. The “No Spend” Challenge Make a goal to avoid spending money during an entire weekend. The only exemption in this challenge is that you are allowed to pay bills. This challenge is interesting because it requires creativity. You must be creative and find workarounds for problems that you would typically solve by spending money. You may have a different outlook on spending after finishing this challenge.