Break the “I can’t save money” curse: 4 tips to help you regain confidence in saving

There are so many temptations in everyday life that even with incredible self-control, you’ll find plenty of things to spend money on. We’ve all tried different ways to tackle the challenge of saving: some people succeed, while others give up after repeated failures and conclude, “I’ll never be able to save money.” If you already think this way, that’s the real reason you can’t save! Financial expert Stefanie O’Connell offers 4 tips that will hopefully help you regain confidence in saving.

• Related reading: Does your money always disappear before you know it? 6 habits financially savvy women avoid – and you should quit them too

Saving Essential 1: Get Mentally Prepared

 

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Often, the root of “not knowing how to manage money” lies in our own mindset. As mentioned earlier, if you believe you’ll never be able to save money, you’ll be especially likely to give up even after starting a financial plan. So the first step is to change your mindset and believe that you can save money successfully!

Saving Essential 2: Track Your Expenses

 

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You need to know where your money is going before you can figure out how to cut back! If writing everything down with pen and paper feels too tedious, install a budgeting app on your phone and choose one with an interface that suits you best. That way, you’ll be more likely to keep using it.

Saving Essential 3: Review Your Income

 

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Working hard to cut expenses isn’t enough; it’s also important to review your income regularly. How long has it been since your last raise? Is the lack of a raise due to the company, or your own abilities? If it’s the company’s issue, try raising it with your boss honestly, and tactfully. If it’s a matter of your own abilities, make an effort to improve your skills. You can also look for other ways to increase your income. For example, selling extra handbags you have at home can be a good option.

Saving Essential 4: Make Good Use of Automatic Transfers

 

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Many people only save whatever money is left over each month. This means the amount they save varies from month to month, and it’s easy to give up! The most effective method is to treat savings like a bill: set up an automatic transfer to move a fixed amount into a savings account each month right after you get paid. This way, you won’t reach the end of the month only to find that there’s no money left, and it’ll be easier to build the habit.

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