How to get in the right mindset to save money

Maria Papadopoulou By Maria Papadopoulou, 20th Nov 2010 | Follow this author | RSS Feed
Posted in Wikinut>Money>Money Saving Tips

For some people, knowing that they have to save money is not enough to actually do it. They need to be motivated to do so.

Saving money is not only important, but necessary

Saving money is not an easy task. In fact, it can be proven to be quite a challenge, especially considering how difficult economy is. For those that were used to a luxury lifestyle, the transition will be especially difficult. Whatever the case, saving money is something everyone should learn to do. The following article will attempt to give some helpful pointers towards that direction.

Think of emergencies

Even if you earn a good, steady income that allows you to meet your needs with ease, there are no guarantees that this will be the case forever. You may lose your job, or you may be asked to accept a pay cut in order to keep it. If during that period, an unexpected emergency may arise when you least expect it. A medical problem, a huge credit card bill or a broken fridge may will cost you a lot. To make sure that you will be able to pay for such an emergency, it is wise to have set up an emergency fund. Setting aside a specific amount on a monthly basis will help you deal with such problems effectively. For even better results, try to set aside a few more dollars whenever you can.

Think of a big purchase you want to make

Another way to make the decision to start saving money is to think of a big purchase you want to make. It could be anything, from a long trip to a foreign country to a new car to a new computer. To be able to make that big purchase, you need to start saving a specific amount on a weekly or on a monthly basis. If you don't succeed, you simply won't be able to make that big purchase, at least not within the specific time frame you have set.

Think of your child's future

Every parent wants to be able to provide for his children, but not every parent succeeds. That does not have to do with lack of money necessarily, but with bad financial management. If you deposit a specific amount of money on a specific account on a monthly basis, an important amount will have been accumulated over the years. Your child will be able to use that amount to pay for his education, start his own business, or make a fresh new start someplace else.

Finding a good reason to start

Getting in the right mindset to save money is all about finding the right motive. Once that happens, you will be able to formulate a solid plan and proceed with ease.

Tags

Amount Of Money, Emergencies, Income, Save Money, Saving Money, Steady Income

Meet the author

author avatar Maria Papadopoulou
I am a certified health visitor and i also hold two bachelor degrees in translation as well as a bachelor degree in subtitling.

I have been working successfully as a professional freelance translator and proofreader with several prestigious transl...(more)

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Comments

author avatar Retired
20th Nov 2010 (#)

Yes, you are right: saving money is not only important, but necessary. Excellent work, Maria

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author avatar Jerry Walch
20th Nov 2010 (#)

Very good information and advice for everyone, Maria.

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author avatar Maria Papadopoulou
22nd Nov 2010 (#)

Thanks a lot guys! Glad you liked it!

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