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

Tags: ,
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.