Money Saving Tricks

🧢 Tags:: #Financial_Freedom #🌱
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==2021-10-17 - 12:06==

Attach an emotional response to saving money

Write down 50–100 reasons why saving money is beneficial to you.

  1. Freedom.
  2. Work on your own terms.
  3. Travel.
  4. Support my family.

Think of prices in terms of hours worked

  1. Start connecting the item's value to how much time it would take for you to work to get that kind of money.
  2. Making the connection of time and money is simple, and it gives a good idea, on what you should be spending money on and if it's even worth it.

Sleep on it

  1. If you want something, don't go and buy immediately, wait for 30 days.
  2. This is especially good for big things that are very tempting to think about buying but aren't really necessary.
  3. Impulse buying leads to a feeling of loss and being cheated, even though you were the one who decided to buy that thing.
  4. Don't make quick decisions when it comes to money. Take your own time.
  5. Impulsiveness leads to many disasters, both financially and in other places of your life.

Make saving your habit

  1. We often spend money on useless things that we don't need and don't have any money to save.
  2. Making an emergency savings account is a good idea.
  3. A good idea is to start saving for things that you think are important. Like, Emergency, travel, investment, or everyday spending accounts, etc.
  4. Hide accounts if you don't have willpower, "out of sight, out of mind!"

Ignore income increases

  1. If your income increases, that doesn't mean you should be spending more.
  2. Your income doesn't dictate your spending habits.
  3. Make a system/habit to save and be a budget no matter how much you earn.
    "That which each of us calls our necessary expenses will always grow to equal our income, unless we protest to the contrary."

Be aware of changing narratives

  1. change the way you want to be seen in social narrative.
  2. Being up-to-date and following all the trends is not the best thing.
  3. Buying the latest things is not necessary.
  4. Don't be influenced by the advertising market that's trying to make you spend all your money. "Don't become a brainwashed consumer!"
  5. Being a bit of a minimalist is a good thing. If you don't need it, don't spend money on it.