Most of us spend a large portion of our lives working for money that will enable us to live a relaxed and comfortable life. Still, many people find it difficult to start saving and spend everything they have and even more, constantly being in debt and stressed about it. How do you learn to save?
Rich people have a shared trait we should all adopt – they know exactly where their money comes from and where it goes. Without planning the spending, it’s easy to blow away all the money you have before the next paycheck arrives. That’s why you need a perfect balance between saving and spending.
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Here are the spending habits of people who save.
- They know the difference between needs and wants. Setting the priorities straight goes a long way. When thinking about buying something, always consider if you really need it or you just want it.
- Budgeting is essential if you want to save and still spend on the things that matter. Track your spending and set a budget for the future. Plan in advance. It’s much easier to set aside a smaller amount for Christmas gifts every month than to go crazy in December.
- Use cash whenever you can. You will be much more aware of the money you spent on something when you actually have to physically count it and hand it to the cashier on the register.
- Use the 30-day rule: when you find something you want to buy, snap a photo of it and walk away. After a month, when you browse your gallery, it’ll be much clearer which items you still want and which would just end up collecting dust if you had bought them impulsively.