How can I stop spending money and start saving?

How can I stop spending money and start saving?



Saving money is something that is so much easier said than done for many people. Specially when the economy is running slow, the urge to spend money on things that you don’t really need can be destructive. There are many ways to go about stop money money and start saving them. But you have to use the tips and tricks that will work for you and something that is realistic. We will discuss how you can start to save money and stop spending on stupid unnecessary stuff.

When I was a kid my parents taught me that by saving money I will be able to have a lots of money when I really them. What they meant by that is that since you have the money right now but in the meantime you don’t really need them, start saving them. That way all the money you have saved can be used for important things like laptop computer and car you couldn’t afford before or for later emergency scenarios such as health conditions. So as you can see, first you have to have a motive behind why I should save money and not spent it.

Secondly, it’s the passion. Motivation along won’t work if you lack the passion. Passion will back up when motivation start to dwindle. So as times goes by and you have saved good amount of money in your back account, you might start to think I might as well spend a little bit of them because it won’t hurt at all. Eventually that tendency to spending a little bit and little bit results in spending all of them. That’s when the passion comes handy. You can develop passion by getting yourself into reading, watching or even listening about money.

Did you know that most of the above average rich people likes to save more than spend? This is actually the reason why they are rich. Some might have inherited or gotten lucky with money and got rich. Most of the millionaires and billionaires got rich by working hard, saving money or even investing their money. Money doesn’t grow in the trees of course, but they can grow if you put your money in the interest yielding back accounts, such as back saving account or Certificate of Deposits.

Most important thing is to know that spending money is not always a bad things. It impacts you negatively when the spending gets out of control. Buying important things such as food and clothing is a must. What you must not do is buy them without looking for other cheaper options. There are lots of options to choose from these days; on the internet you can buy a lot of stuff that you need for much cheaper price.

Differentiate between need and want. Need is something that is absolutely necessary, while the want is something that is not really important and you can live without it. Need could be food, shelter and clothing. Want could be mp3 players and snacks. When you decide to buy one of the needs, just remember that there are lot of places that you can buy them at cheaper price. So shop around and not at one store. You like to shop, so go a shop around different places comparing the price tag.


| Published on July 16th, 2009 at 11:21 am | Article of: Money | Resource for: , |

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2 Responses to “How can I stop spending money and start saving?”

    Tenzin Zhivago on July 17, 2009 :

    I think the best way to stop spending money is to keep less cash to yourself. My girlfriend goes to crazy spending spree when she got bunch of cash money at her disposal. You can let your parents or spouse take care of your money in their banks too. That way you are not only saving money but also stop spending as well.

    Joe Millionaire on July 23, 2009 :

    If you can’t stop yourself from spending money, you can seek counseling. I realized the best way to save money is to make goals and budgeting every month. That way you get to enjoy your life while having enough savings so you don’t have to worry all the time. Peace.

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