Save. Spend. Budget. Spending Plan. Debt. Income Growth. Debt Repayment. Assets. Liabilities. How many times have you challenged yourself to create a budget or spending plan? How often have you told yourself you will commit to conscious spending instead of buying on impulse?
The list of commitments is endless, the attempts at trying and failing even longer.
Why then do we focus all our energies on spending and only a miniscule amount on saving? The law of the universe states that whatever we focus all our energies on we will only get more of. Focus constantly on spending and that’s what you will get more of. How about this popular phrase – focus on lack instead of abundance and all you’ll get is what you’re lacking, which you will fulfil through more spending. I’m sure you’ve heard that one before.
Saving comes with one golden rule in the world of personal finance: save 10% of your income and pay yourself first.
Okay, easy enough, but what about everything else in life?
Saving does not just entail setting aside part of your income for a rainy day or that tropical getaway you’ve been longing for, saving means finding ways to make your life simpler, leaner and efficient. Unfortunately for many of us, we associate saving with pain. We whine that it takes too much work, or time, or effort. Guess what? It only does because you think it does. Why not do something different, go against the grain and challenge yourself to save as much of your pay as possible, save money in your budget, save wherever you can. Focus your energies and challenge yourself to be different and quite possibly join that elite 1% that have a high net worth and become a master of making your money grow.
Ah spending, it is the one thing we all know how to do, but why? Why do we focus all our energies on spending all the god given money we earn?
Want, desire and impulse; without yin there is no yang.
For some of us, we take it to the extreme – enter my Spenderella stories. But even Spenderella can get past it and refocus her energies away from spending.
The mental challenge is rephrasing all the questions we ask ourselves. Instead of how much did I spend, change it to how much did I save. From that point on, you’ll challenge yourself to be below your budget and having a budget will no longer seem like a curse. Eventually, you’ll find that you can get by on less, which by the way, you were once doing before you got that new job or promotion. Even I was! I used to make $20K less a year than I do now and I did just fine. I was able to eat healthy, enjoy life and have nice things, along with a house!
Just as I’m challenging myself to think differently and work to save instead of spend…