Learn more about moneyandinvestments with this collection
Cultivating a growth mindset and embracing challenges
Developing adaptive thinking and problem-solving skills
Effective learning frameworks and approaches
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. According to Money Charity, about half of all Britons don't have money saved to fall back on. In the United States, the average saving rates were around 7.6 per cent in 2019.
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Turn your saving behaviours into a habit
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...
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Lay the psychological groundwork
- 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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Define your values
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...
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Psychological hurdles that prevent people from saving money
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...
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Create a sense of balance
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...
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"Making money is art and working is art and good business is the best art." ~ Andy Warhol
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