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How To Develop The Discipline Of Saving

Many people struggle with staying disciplined saving an action requiring postponing specific wants for a financial goal you want to achieve.

 

Use the following tips to develop the discipline to save towards your financial goals.

 

Define Your Why

Your why is the most critical component in developing the discipline of saving, determining your ability to stay the course when you face challenges along your journey toward your savings goal.

 

Why do you want to save? What is driving you towards putting the money aside? Tell yourself the truth no matter how difficult.

 

Is it because others are saving? Do not feel pressured to start the journey of saving until you can clearly define for yourself the why and are sure that the why is authentic enough to keep you going, even when there is pressure to change your path.

 

Embrace Your Reality

Embrace zero-based budgeting to get a truthful picture of the state of your finances on your saving journey, a stage we call the Mirror (Stage 3 of 5 of the Debt Free Living Journey to building wealth), as it helps you clarify what you can realistically do to achieve your savings goal.

 

Related Article - How To Know Where All Your Money Is Going (Zero-Based Budgeting)

 

Additional Tips

  • Be Kind To Yourself: No one is perfect in saving. Aim for progress, not perfection. Would you speak to someone else in the voice that you address yourself?
  • Break Down Bigger Goals: Embrace the concept of building sinking funds, which are monies put aside over time to handle projects you cannot fund in a single pay cycle.
  • Embrace Compound Interest: Consider using financial vehicles that shorten your journey toward your savings goal by paying you interest on the principal amount saved.
  • Join A Community: Consider joining people with similar goals to push you when you feel like giving up on your savings journey.
  • Embrace Flexibility: Be clear with your goals yet flexible on the ways to reach the goal to account for detours that may occur as you head towards your savings goal so that you do not get discouraged when, for example, an unexpected expense comes up that slows down your progress.
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