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Saturday, May 30, 2020
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  1. Why Is Your Office Design Important for Branding
  2. 6 factors in taking over an existing business
  3. 5 Essential Tips For Small Business and Startups From Expert Entrepreneurs
  4. 8 Start-up Secrets for young entrepreneurs
  5. 6 Smart Money-Saving Tips For Single Women
  6. 5 Ways To Enhance Your Soft Skills
  7. The Psychology Of Saving
  8. How to Calculate Diamond Prices So You Don’t Get Ripped Off
  9. Unique Collections and the Philosophy Behind Them
  10. Master The Art of Financial Planning with These Tips
  11. How To Manage Money in Your 30s
  12. Can Investing in Banknotes Make You Money?
  13. Unnecessary Expenses – Learn How to Control Your Costs
  14. 6 Simple Saving Techniques That Will Change Your Life
  15. What Tenants Need to Know about Strata
  16. 11 Strategies for More Efficient Business Travel
  17. The impact of the office interior on employee productivity and satisfaction
  18. Legal Precautions When Starting a New Company
  19. 5 Money lessons travelling can teach you
  20. 4 Types of Financial Aid Students Can Count On
  21. I ought to just try
  22. Saw that it was covered
  23. People all the time
  24. He must have tried
  25. He always rolled back
  26. Get into that position
  27. Chooses to enjoy a pleasure
  28. Every pleasure is to be
  29. These matters to this principle
  30. I lie close to the earth
  31. Heaven and earth seem
  32. However a small line
  33. About the blind texts almost
  34. The coast of the Semantics
  35. Supplies it with the necessary
  36. Dragged her into their agency
  37. Had grass morning
  38. Where they abused her
  39. Said could convince her and
  40. Around and return to its own
  41. Replenish itself
  42. Came from it would have been
  43. How to Save on Search Engine Optimisation Services
  44. If several languages coalesce
  45. Saving to Become a Millionaire
  46. Saving Mistake: Saving Without a Purpose
  47. Saving for Serenity Reborn
  48. Using Your Budget at its Fullest
  49. Save on Banking Fees
  50. Serenity Now: Remove Stress, Free Yourself, and Relax
  51. Time, Money and So Little of Either
  52. Post Honeymoon Consumerism
  53. Reaching the Savings Goal
  54. 100 Personal Finance Posts that Can Help You Save
  55. Spending What You Save
  56. Starting to Save Again
  57. Recording Your Expenses ASAP
  58. Quick Tax 2009 Review & Prize
  59. Maximizing your Savings
  60. Keeping Track of Your Budget
  61. How to Lower Your Costs and Stay Out of Debt
  62. Saving on Banking Fees
  63. Rules to Escaping Debt: Rule 2
  64. Achieving Serenity Now
  65. Should You Own Your House or Rent It?
  66. Save Yourself Serious Money by Negotiating – Part 1
  67. Staying Out of Debt
  68. Structured Debt Settlement in Denver
  69. Apply for Personal Loans
  70. Reasons Why we Fail to Save Part 1
  71. Taking Advantage of Year End Tax Strategies Part 2
  72. To achieve this it would be necessary
  73. Stopping the Senseless Spending
  74. Saving with Ease
  75. Preparations for an Expensive Month
  76. Planning Ahead Saves You Money
  77. Creating a Financial Resolution
  78. Can Money Buy Happiness?
  79. Avoiding Unnecessary Bank Fees
  80. Adjusting your Saving Habits
  81. Sticking with your Financial Resolution
  82. Taking Advantage of Year End Tax Strategies Part 1
  83. 2011 Financial Resolution
  84. Holiday Financial Mistakes
  85. Credit Cards & Credit Scores, OH MY!
  86. 5 Ways to Save Money
  87. Reasons Why We Fail to Save Part 2
  88. Avoiding Debt in College
  89. I neglect my talents
  90. Heaven and earth seem
  91. Reaching the Saving Goal
  92. Money Saving Tips for Beginners
  93. Home Buyer Tips
  94. Grammar resulting language
  95. Stopping the Senseless Spending
  96. Her for their projects again
  97. Where it came from it
  98. Then she continued her way
  99. Using Your Budget at its Fullest
  100. Streaming Full Movie Pet Sematary (2019)
  101. Watch Movie Online The Professor and the Madman (2019)

People today tend to think that good financial decisions such as getting a proper job, setting up particular future goals, and planning ahead how to handle the credit card that you have taken out, is enough to make sure that you’ve got a hold of the whole concept of managing and saving money. The truth is that it is only half of the job.

The other half is all about actually be in control of that plan constantly along the way. This is something that is done by forming proper habits, and practising them until they become natural to you.

In this article, we are going to delve into the whole psychology of saving, in order to help you figure out how to do just that.

Emotions have a powerful effect

Emotions tend to be a really strong drive in terms of how we decide to spend our money. A good example is a difference between paying on credit and in cash. The former makes the whole thing feel a lot less arduous while using actual cash to pay for what we buy makes us directly face those decisions and remain aware of our finances.

The problem is that paying on credit alleviates the negative emotions related to spending, so a lot of people tend to turn to it as a solution. However, in the long run, you’ll end up in greater debt and the financial stress is bound to come back as an even greater obstacle. Therefore, even if you decide that you want to pay on credit, install an app that will always remind you of how much money you have spent on something.

Give yourself a scare

Speaking of negative emotions, sometimes inciting them can actually help you deal with money a lot better. Fear is a powerful motivator, so scaring yourself into focusing more on your savings can be a good tactic. Of course, nobody is saying that you should stress and guilt-trip the hell out of yourself, but try to imagine the worst-case scenario of what would happen if you didn’t save at all.

This sort of thinking will enable you to picture all the bad decisions that would lead you there. It will also have an effect on your subconscious so that you think more often about how to save money than to spend it on whatever comes your way as “the thing you absolutely need right now”.

The impact of social media

It is important to understand the effect that social media channels have on our spending decisions, which is something that the generations before us didn’t have an issue with. It is an undeniable fact that a lot of people are influenced by seeing what their friends on the internet brag about spending their money on. Of course, the keyword here is a brag. Because the way that someone has saved money isn’t nearly as commended and shared, and a lot of people depend on that particular kind of social approval.

Being aware of this can help you learn to detach from such thinking and turn to a more productive approach, such as setting up goals that you are going to save for. When you have something such as “travelling to Italy” or “getting a new computer” as a goal, you will be able to focus on saving money in order to achieve it, instead of following impulses that you get from others’ social media profiles.

Understand your own personality

Now, next to emotions, it is important to understand that we all have a set of financial personality traits that have been influenced by a variety of factors (mainly, our upbringing). As we have previously discussed, some people depend on a certain kind of social approval, which heavily influences the way they spend.

Some people are impulsive buyers, which is a trait that takes more than just understanding in order to change. The best approach is rationalizing every decision by tracking it meticulously. This is a good way to repress compulsiveness.

On the other hand, there are people who are drawn to familiar patterns, predictability, and a planned future. Such people are most often pretty good savers.

Final words

It is crucial to understand that it is alright if you are a person who has trouble saving cash. Recognize it as a problem and work on solving it. For a lot of people, the best solution is to automate their savings. You can open a savings account as well as set up an emergency fund, and make sure that the necessity to make a choice is replaced by automation. This can be a great way to form healthy saving habits.

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Lucas is a business consultant and editor in chief at savingforserenity.com. Besides that, he has a passion for writing. Doing his research, exploring and writing are his favourite things to do. Besides that, he loves playing his guitar, hiking, and travelling.