As a professional CPA, many people ask me how to get addicted to saving money many times. And it’s a very important question for a salaried person. That’s why I am writing this comprehensive guide to share my experience on getting addicted to saving money as a salaried person.
There is no doubt that shopping has become an addiction which became the cause of your financial disturbance. But do you know that saving money can also become an addiction?
Here are 6 Steps to save addiction
1. Recognizing the importance of saving money
The first step to getting addicted to saving money is to know the importance of saving money. No one can save money without knowing its benefits. There are many benefits of saving money. First and foremost, your savings can help you survive in bad times. Every person in the world faces terrible financial situations, whether a businessman or a salaried person. Savings help people to overcome bad times.
So, always remember that savings will help you in bad financial conditions. It is very easy to save money when you realize the importance of saving money. Another benefit of saving money is that it will help you achieve big dreams. Money can’t buy happiness, but it can help you in bad health, and savings offer early retirement. If you want to save money, ask yourself this question: Is now a good time to spend money, or do I want to feel more secure in the future?
2. Train your Brain
To become addicted to saving money, you must train yourself to stop spending money carelessly. Only go out to buy groceries and valuable items, and try to cook your meals at home. Take only cash to purchase necessary items and leave credit and debit cards at home. When going out with friends, only take money for lunch and coffee. Ignore any promotion and sales to save money and make it a habit.
Try to think about different ways of earning, not to spend money. Cancel all promotions and notifications from shopping stores and websites. Find low-cost entertainment sources like watching movies at home, not in cinemas. Create a separate account for savings and try to refrain from withdrawing money for that account.
3. Reward Yourself
Find your happiness in saving, not in spending every time you are going to buy anything; tell yourself that you have 24 hours to buy that thing. Give yourself time and examine how you are feeling. You feel proud of your behaviour. You may also conclude that your life is just fine without the item you nearly purchased as the hours go by.
List all the things you decided not to purchase. Remember to factor in the amount you saved. Add those savings together at the end of the week. Once more, how does it feel to be in charge?
4. Automate your savings
Request that money from your bank or credit union be deposited automatically into your savings account each time you get paid. Check and see the growth of your account balances at least once a month. Acknowledge your responsibility. Click link to see some good ways to automate your savings.
Also Read: How to Save 3000 in 3 Months
5. Learn about investment
Study investment and how it might impact your life as much as possible. Remind yourself of all the reasons you are deserving of financial stability. As you read more, you’ll be more eager to make investments in your future.
When you learn how to invest your money and go beyond simple saving, you’ll find that, while there are no certainties, the stock market offers more significant long-term profits. Check out these online stock brokers for low (or free) commissions, fees, and ample research access.
6. Take your time.
Savings is not an addiction that will happen immediately, just like shopping did not become an addiction for you. Every happy feeling you get, every dopamine surge, helps you to make the right decision the following time. The idea is to practice until you develop an urge for the pleasure that comes from accumulating savings.
How to get addicted to saving money is not a big concern. The above-mentioned tips are from my personal experience and help many of my close relatives and friends. I hope these tips also help you get addicted to saving money. Thanks for reading.