Saving Money and Building Will Power

Have you been saving up for a trip or for that bag you saw at a mall sale? Have you been eyeing that car in a showroom or yearning for that loan that you have been planning to get, but your income isn’t enough to pay for them? Maybe it’s time to assess yourself and your habits towards money management. Have you monitored your expenses and savings lately? Do you just swipe your debit and credit card every time you have the instant desire to indulge?

After we get our paychecks, many of us tend to feel that cash on hand is unlimited until we realize there is none left. We sometimes get our savings on the leftovers from our income after our expenses. That is not how we should do it. There is an effective formula to have a consistent savings plan.  It’s simple:


We should deduct and first put aside our savings from our income, then the remaining cash would be the money left to wisely distribute for our necessary expenses only. You read it right, equal and responsible distribution of expenses! There is one more thing: the money you have now for expenses isn’t just for mere “expenditures” but for necessities. This should be responsibly handled.  List your priorities on where the money should go initially like bills, loans, or even that monthly instalment you subscribed for. It is a matter of balancing and determining wants from needs.

However, this doesn’t mean you can no longer take pleasure from spending your hard-earned money. You can indulge occasionally like when celebrating your promotion. If you have extra money, you can buy that bag you have been longing to have as a means of rewarding yourself from being frugal. This way, you can assuage that idea that splurging comes with guilt.

Having savings isn’t that simple. It takes a lot of discipline. It is easy to give in to that urge to buy all of the things that you want. However, it takes a lot of self-control to think twice if it is practical to spend on it. That is when you develop that will power to put aside your wants and think about saving for the future. It helps you focus on finding better things to invest your money into. So whenever you are tempted to splurge, it is time to ask yourself,” Is this a good investment?” “Will I be able to make use of this in the future, or is this just a momentary benefit for me?”

Do a self-assessment first before you swipe that card or pull out that wallet. It should always come from you. It doesn’t matter how many self-help books you read about saving money or how many articles you browse on the internet about money management. If you don’t have the will power to discipline yourself, you’ll end up giving in to the temptation to spend. And without self-discipline this article will be of no use to you. So go out there and practice these simple steps and you are good to go! Not only will you have more money saved; you will have also gain more determination, self-discipline, and self control –a win-win situation all around!



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