Are you a saver or a spender?
In my case, I definitely inherited 'the saver' gene. You know that rush of excitement you get from the purchase of a new coat, pair of shoes or phone? I get that from saving a set amount of sweet sweet moolah every pay.
Now don't get me wrong, I still spend money where I need to- I have just worked to develop a savings conscience which keeps me to my goal every time!
How can you develop your savings conscience? There are couple of ways!!
1. Work out what your goal is- whether it is that expensive piece of clothing, a new car or a house, know what you are passionate about working towards- the more you want it, the more likely you will be to stick to your goal.
2. Regardless of how much your goal will cost you, work out how long you are willing to save to get there. While you think about that, work out how many times you get paid in the year (fortnightly =26; monthly =12). This will give you a timeline to aim towards
3. Work out how much you need to save, each time you get paid (e.g. If you want to save $20,000 towards a house and want to achieve it in 2 years, calculate 20,000 ÷ 52 (number of pays in 2 years if paid fortnightly)= $384.60
Trying to save a large amount can be daunting, breaking it down into a smaller, more manageable amount can help to keep you on track to meeting your goal
4. The next time you're debating whether to buy that item you would like but don't need- think about your goal- what would be better- having that item or achieving your greater goal?
THAT ladies and gentlemen is your savings conscience speaking to you
Happy saving :) :)