gojing

Most people often feed from hand to mouth owning to their inability to save up some money for investment or other budgets.  One of the biggest challenges in handling a budget is managing to save up funds for the big-ticket items you really want.
This article is in response to some of the questions sent to our mail from our readers after going through our previous post.

Related post: How To Save Up Money Fast

 Its much easier to go for quick gratification at the expense of long-term achievements. Sometimes saving money can even feel like a lifestyle diet, where youre always hungry for more and resentful of the things you dont have.

Unfortunately, thinking like this will spell out failure for every savings plan. Tuning up your attitude and refocusing your attention can do wonders for getting yourself to really stick to that savings plan.

1.    Monitor your budget closely so you know exactly where every penny is going. Examining your budget on a regular basis will force you to acknowledge the exorbitant amount thats going toward bills or work lunches, and help you identify where you need to clamp down and cut expenses.

2.    Approach saving money as an adventure instead of a chore. Consider it an intriguing challenge youre choosing to undertake rather than a burden youve been forced to bear.

Mindset is everything and thinking of frugality as a fun exercise in creativity can leave you feeling exited instead of unhappy about each choice you make.

3.    Keep your eyes on the ultimate goal, instead of focusing on immediate desires such as the fast food burger youre craving in place of the sandwich youve packed for your lunch. Post pictures of the car youre saving for on the fridge. Draw a thermometer representing the savings youre building for a new home and colour in a little more of it every time you make another deposit into the savings account.

4.    Dont compare yourself to others. Sure, the car in front of you may be a lot newer, but the guy driving it is probably in a heap of debt. You dont need to keep up with the Joneses. You only need to keep up with your own ideals.
When youre tempted to let the green monster of jealousy run lose, recount your successes and know that those around you are probably spending thoughtlessly while youre make smart, thoughtful choices with your money.

5.    Think about the lasting value of each purchase before you make it. Is a purse that will be out of style in a month really worth as much as a week or two of groceries? Remember that things add up quickly, and a fast food dinner here and there will quickly become the new computer on your wish list.
 So even if the item in question costs far less than the one in your goal, you cant discount the comparison. Youre always making a choice between one item and another, so make your choices count.

6.    Indulge in little pleasures and focus on enjoying these frugal treats. A movie marathon of films from the library wont cost a dime. A stroll through the park or picnic on the porch will brighten up the day without affecting your budget.
 Make bread or pizzas from scratch and turn it into a fun family activity. Fill your time with so many free pleasures that you dont have time to miss the ones that cost you money.

7.     Finally, you cant talk about forcing yourself to save without talking about banking. Many people cant  save money at home or even in the conventional savings account type.

 Talk to one of your banks customer care representative about any account type that will mandate its holder to deposit a certain amount( and above) monthly, without allowing the holder to withdraw the money till stated number or months has been attained. Every banks offers such service. This will not only encourage you to save, but will also prevent you from spending from your savings.

Credit: Tochukwu M. Dillion
              @dillionworld