Many of us think saving means deprivation, so we balk or rebel. For most of you, I can guarantee it won’t be deprivation. How can I be so sure you ask? It’s because of these 3 reasons:
- Auto-Pilot Expenses That No Longer Serve You
Over our lifetime, we build spending patterns. They often form during milestones like our first job with real money, marriage, birth of a child. These auto-pilot behaviors can hang on too long, so you end up spending subconsciously in ways or on things you no longer use, and on brands that don’t align with your values.
- The “I Should be Doing This” Guilt Trip
We keep paying for that gym membership or charity because “we should be doing this”. If you’re not ready to act but still paying, or you’re serving someone else’s agenda, its usually because of guilt. So, here’s a reminder: who works hard to earn this money? YOU. Who gets to decide where it should go? YOU, not external pressures.
- The Slippery Slope of Money Emotion
We all need self-soothing on occasion. Life can be a battlefield some days and it can get you down. But sometimes self-soothing becomes a slippery slope and the value is no longer greater than the cost. We buy ourselves something on Friday after a bad week. Then we justify doing it on Mondays too because its back to work after not enough time off. And so it goes. Instead of addressing the emotional issue at the core, we spend.
So far, none of these are Deprivation in any sense of the word. My clients always uncover instances of the above just be taking the time to build self-awareness think about their lives and their money. From these simple exercises, savings can be found. Here’s how you take it to the next level:
The Mastery of Discipline
Discipline is about balancing your longer term wants vs. feeding immediate gratification. Discipline is also money self-care – taking care of yourself by being aware of your emotions, understanding your triggers, and staying connected with your true values. When you ground yourself this way, you can better withstand temptations, or other people’s agendas. You can say NO, for a higher purpose, guilt-free.
Is this being selfish? Is saving money so you can be self-reliant, send your kids to college, or not have to be supported in retirement selfish? I think not. Saving makes you a good citizen for your community.
Are You Ready to Take Care of You?
EVENT New York City Sept 28 : Overcoming Your Financial Fears.
The ONE SHORT DAY course that will CHANGE THEY WAY YOU THINK ABOUT MONEY FOR LIFE. We take you from “I should do a budget” to ….”Is that all I have to do?” and from ” I don’t really get the stock market” to…” Wow, this isn’t rocket science after all”. Lunch included. And we use M&M’s as a tool. That’s how fun and casual this will be.
Your Personal Money Coach,
Carrie Rattle is a Principal at BehavioralCents.com, a website for women focused on mind and money behaviors. She has worked in the financial services industry for 20+ years and hopes to inspire women to better prepare themselves for financial independence.