Saving money is an art that everyone should adopt because it has a number of advantages for you and the people around you. The age old saying little drops of water makes an ocean is one thing that people that are good at saving adopt and it works wonders for them.
They Are On The Lookout For Good Deals
Being frugal is a big part of saving money. Good savers make use of coupons, hunt down the best deal, or research all possible options before buying.
They think through each purchase and research alternatives like used options. They also compare competitor prices, look for coupons, and read reviews before making a decision on what to buy.
They Make Adjustments
Big life changes such as job layoffs, divorces, and illness which affect our budgets. Good savers adjust their spending to reflect their new earning or income status irrespective of how painful it is for them to acknowledge.
Good Savers Start Immediately
Good savers start early. A lot of good money savers were taught as children to put some away for a rainy day but even those who weren’t have learned to jump on an opportunity.
As soon as they see they have an option, like a retirement savings plan through work, they take it, and avoid putting off financial decisions.
They Have A Retirement Account
There is a reason financial advisers repeat it. In truth, it’s all about your future. A good rule to follow when it comes to this is to put 10 percent of your paycheck each month straight into a retirement account.
They Differentiate Their Wants And Needs
One of the biggest lies the capitalist system sells us is that our wants are actually our needs. Good savers actually write down a list of their basic needs, their wants, and their big wishes.
They Have A Budget
They write out honest charts and spreadsheets that they regularly update and balance accordingly. The first clue you have that someone has a problem with money is when they can’t provide their monthly cash flow. You can’t save if you don’t even know how much money you have to begin with.
They Use Cash Or Checks
Good savers often tend to use physical types of money. Research shows you spend 20 percent more when using a credit or debit card because it makes purchasing feel less ‘painful’.
Handing someone a wad of cash or writing out a check provides enough of a mental speed bump to slow down many impulse buys.
They Prioritize Saving
This may sound simple but it is one of the best habits of people that are good at saving. Before spending on anything else, they pay themselves first by putting savings into a retirement account or other self directed savings account.
They Keep Track Of Little Things
They don’t let go of small change. Little things can add up to big expenses quickly, before you even realize what’s happening. Good savers will write down in their check ledger or budget all their expenses, even the tiniest ones.