Change your focus when saving money - Deepstash

Change your focus when saving money

Whenever you try to save money, try focusing on the process itself rather than the final goal. For instance, telling yourself that this is a temporary situation might prove extremely useful and help the time pass faster.

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MORE IDEAS FROM How To Start Saving (And Why It's So Hard To Get Going) - Money Under 30

Saving money

Everybody wants to start saving money as soon as possible. However, quite few people actually do it. This is because saving money implies giving up on the immediate joy that one could feel when purchasing something. 

And most of us find it difficult to fight this need to buy on the spot whatever our heart desires, even though it might result in hurting really bad our pockets.

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Getting a side hustle can only prove beneficial to you, as you will not only save more money, but you will also get the chance to do something different from your everyday job. And if you are not truly passionate about this job, the hustle may be your escape door.

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Setting reachable goals is always one of the main keys to success, no matter the field. 

By setting a reasonable target, as in the amount of money, each month, you are more likely to succeed than you have made up your mind to save more than half of your salary, which is totally unrealistic, as you need money to survive on a daily basis too.

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One way your savings get to grow really fast is when you receive a lot of money at once. Even though the temptation to go spend everything is bound to appear, you should remember that you have invested all this time into saving for one particular purpose. So why not take this opportunity to help increase your savings in order to reach faster your goal?

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To be able to actually save money on a regular basis, you should first make sure that you cannot touch the money that is intended to be saved. 

Ensure this is by keeping your money in two different accounts: a  checking and a savings one. The accounts should be at different banks, making it more difficult to transfer the money from the savings account to the normal one whenever you feel like buying something that is not really needed.

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RELATED IDEA

Financial personality
We all spend, save, and invest differently. That’s because we’re all inherently different people with different personalities. 

Knowing your financial personality can help you make a plan to spend more responsibly and come up with a budget that works for you.

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Watch your savings grow

The first step to start saving money is to figure out how much you spend. Keep track of all your expenses—that means every coffee, household item and cash tip.

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Start a financial independence journey

One of the most challenging aspects to change your finances is getting started.

  • You may have an idea.
  • You may want to read more.
  • You may talk and talk about doing this and that, but then never follow through.

However, don't procrastinate - get going today and learn as you go. Sit down and create a spreadsheet of all your bills, income, and any extra spending. Once you've listed everything, open your investment account and start saving.

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