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How to save money | Psyche Guides

How to save money | Psyche Guides

psyche.co

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People don't save even if they can

People want to save for many reasons: for unforeseen circumstances, retirement, holidays, or to avoid debt. Others think it is a good idea to save because they should.

While not everyone is in a position to save, of those who can save and knowing its benefits, few do it.

Underlying many of our difficulties with saving is that we only pay attention to our most immediate needs rather than prioritising a long-term saving strategy. We may also have an impulse to keep purchasing items to show off, such as a new phone (even if your exi...

Consider what you are saving for. If you're not sure what you really want in the long term, you can try a thought experiment:

  • Research suggests contemplating death can change your financial priorities. What would the future 'you' tell the current 'you' about what was...

Find a balance between your immediate needs and your more optional desires so that you can stay happy and motivated while setting aside enough toward your long-term goals.

On the one side, we often think something is essential when it's optional. But it is as common for pe...

To change your habits, you first need to know your current habits and then decide which ones you should change.

  • Think where you are wasting money on habits of behaviour that don't support your goals, such as automatic renewal subscri...

  • A lot of financial advice focuses on knowing about money, interest rates, tax, etc. However, only look at it after deciding what your financial goals are.
  • Your money is a tool, so first look at what you want, then see how to use your money...

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