6 Ways To Think Like A Super Saver
HERE are 6 ways to think like a super saver and make your bank balance bulge. Being a super saver is all about getting into the right thrifty mindset. It’s a mental challenge first and foremost. But once you’ve cracked it, you’re finances will be in better shape and you’ll be a lot richer.
These simple but powerful tips should help you achieve your goals…
1. Realise you need to save money
I know it seems obvious but this is No1 on the list because it’s so crucial. You need to have that bolt-of-lightning moment when you wake up and smell the financial coffee. When you think: “Oh my God, I’m spending every penny of every paycheck, with nothing put aside for my future. How am I going to cope if I lose my job? How am I going to survive in retirement? I don’t want to work forever!”
Now, the fact you are on this website, reading this, is a brilliant start. But only you can snap your over-spending habit, only you can change yourself. And deep down you really have to want it.
Once you come to the conclusion that saving money will save your future, it’s time to move on to step two.
2. Wake up to the fact that spending isn’t linked to happiness
Stuff doesn’t make you happy. I don’t really know a simpler way to put it.
Think about all the things you bought in the last few months, I bet you gave yourself lots of little treats, didn’t you? And I bet after you paid for each one, you felt good about yourself. But that warm and fuzzy feeling has gone now, hasn’t it? And so has your cash. Forever.
How many of those things could you have lived without?
We have to rewire your brain. You have to pretty much hate spending money. Think of it like a game. Every time you spend money, you lose, and you’re a sucker for not staying strong or seeking a much cheaper alternative. However, every time you save money, you win. You’re no longer a dumb consumer, you are smart, and you’re helping your future self to succeed. You are a winner and that makes you feel warm and fuzzy every day. Saving makes you happy.
3. Tell yourself this is not really saving
For most ordinary people, when they think about saving they see it as boring and not worthwhile. Sure, they know the money is being put aside, but in their heads, it’s for a rainy day that will never come. Plus, they don’t see instant riches so the process is too slow for them.
Instead they should think of every penny they put aside as a payment to themselves.
Suddenly, you’re no longer just doing some boring old saving, you are paying yourself… the Future You.
And the Future You is certainly going to use that money. It’s going to be used to escape work, gain financial freedom and live life to the full!
4. One big change at a time
Trying to totally overhaul your spending and saving habits isn’t easy. If you jump in at the deep end and slash your expenses to the bone, you’ll probably suffer a lifestyle shock. There’s every chance you’ll find the going far too tough and go right back to your old ways.
You’re transforming the way you live, so it should happen gradually. That’s why I recommend only making one big change at a time.
This is my High Five Method and it worked wonders for me…
Make a list of the five biggest expenses you could cut out. Pick the top one and go for a whole month without spending any money on it. Nothing. Nada. Once the month is up, look at all the dough you’ve saved, just on that one thing. Give yourself a pat on the back. (Or indeed a high-five.)
Then it’s on to the next item on your list, and so on. After five months you’ll have plugged all five of those cash drains.
Now make another list and start again.
Some of the things on the list will be easy to live without, some will be more difficult. If you’re finding one or two especially hard, try cutting your spending on those items only by half. The next month only spend a quarter, etc. Smaller steps are better than no steps at all. You’ll still be making loads of progress.
This High Five Method is far less painful and, over time, the benefits will be greater. Soon your finances will be in a lot better shape and you’ll be swimming in savings.
5. Accept your mistakes
Nobody is the perfect saver. Sometimes you will spend more than you want in a month and bust your budget. Maybe you’ll slip back into your old habit and make an impulse purchase of something shiny that you didn’t really need.
You’ll probably feel bad afterwards, thinking all your hard work to fix your bank balance is being undone. But you know what? Don’t sweat it.
We all make mistakes and wrong turns on our journey to financial freedom. It’s natural, it happens. You know you’ve messed up. Just get back on the path and start heading in the right direction again.
6. Give yourself rewards
If you’ve been saving hard then you deserve a treat once in a while. It’s something to look forward to and really boosts the spirits when you find the going tough.
Set yourself a target of reaching a certain amount of money or after a certain amount of time. Once you hit that target, it’s reward day!
Personally, I set my targets around the High Five Method. Once I’d successfully completed each month, I headed to the supermarket and treated myself to something I wouldn’t usually buy, such as a nice steak. Then at the end of five months, I went out for a nice meal to celebrate.
The next time I hit one of my goals, I didn’t even spend any money. I chose as my reward an epic day of total relaxation, chilling out in front of the TV, watching some of the trilogies I loved as a kid (Star Wars and Back to the Future).
Anyway, Back to MyRichFuture…
I deserved those rewards because I had worked hard and achieved my goals. I was now a super saver.
And YOU can be one too! Remember, it’s all in the mind.
Are you a super saver? Have you won the mental battle or are you still struggling with spending? I’d love to hear from you in the comments below. If you found this article helpful, please share it using the Twitter icon. Thanks for reading.