How To Hold On To Your Money

How To Hold On To Your Money

by Roman on June 1, 2011

Saving money can sometimes feel like an uphill battle. One minute you have a steady savings routine and then the next, life happens, bringing you back to empty pockets. This scenario can happen to the best of us, only building up frustration and anxiety.

Much like any chore, saving takes a lot of discipline and calls for some form of pattern in your day-to-day. Whether it is a New Years resolution or diet, we start off strong and eventually dwindle down into old habits and shopping sprees.

For some people, it appears adding money to the piggy bank is second nature. So while you’re struggling to set a saving precedent, your pals are free of debt and on the fast track to buying a new home, and you sit there asking yourself, “Where did I go wrong?”

Crash saving, much like crash dieting, can be hazardous to your health and your wallet, experts say. Whether you are cutting food or money, certain savers will cut back so much they are allowing themselves to live a life of misery.

“Monotony and boredom can easily niggle away at the best intentions of any extreme saver and drive them back to their old spending habits, in the same way that a fad dieter will go back to eating their favourite treats with a vengeance,” writes John Suter in a post for Life Optimizer.

Forcing yourself to eat the cheapest foods or calling it an early night in hopes of saving extra cash can be tiring, leading to a negative and exhausting approach to saving money.

According to Suter, one can find relief in financial balance by taking your monthly budget and cutting back on areas of high expenditure. For example, only going out a few nights a week, rather than every weekend, or replacing expensive dinners with something less stressful on your wallet.

“By balancing your savings against your spending, you do not then deprive yourself completely, making it much easier to continue saving in the long-term,” Suter writes.

I for one am no master of savings, but I’ve managed to come across a few techniques of my own to make holding onto your money a little easier.

Here are a few quick tips on saving money:

Create a budget

Look at your bank statements and see where all your money is going. Once you’ve pinpointed your high expenses, moderately cut excess spending from your monthly budget.

Stay organized

Keep track of your daily debt and credit card use.

Out of sight out of mind

Open a completely different bank account for your savings to limit temptations and money transfers.
I know these three steps may sound like a broken record, but I find them to be positive lifestyle changes that can at times go unnoticed.
So chin up, it may be tough at first but once you have a routine going and find balance, your uphill battle will turn into a walk in the park.

About the Author: This is a guest post by Phil Wilcox who writes on behalf of ClearDebt.co.uk – they provide advice on personal insolvency and getting an IVA.

Enter your email to subscribe to our future posts:




 

How to subscribe and why subscribe?


{ 3 comments }

Partha June 2, 2011 at 10:08 am

Hi

Beautiful post. Thanks a lot.
Roman
How was your India visit. Do share some of your experience.
Partha

Roman June 3, 2011 at 12:43 pm

My visit to India was great and I really enjoyed it. I hope to go back!

Hopefully I’ll have some time to write a post about my journey in India! That way I can go into a little more depth about my experiences.

Sheryl Hackworth July 29, 2011 at 5:40 pm

loved this article. I was especially struck by your comparison of crash dieting to saving.

Comments on this entry are closed.

Previous post:

Next post: