Save for the Things You Want

There is nothing wrong with wanting to have this and that but it is how you go about paying for what you want that can lead you into the danger zone if you are not careful. To avoid a financial minefield when your eyes spy something you want keep reading.

Delay Short-Term Gratification

We all want things but we do not all necessarily go about getting them in the same way. Some people are prone to impulse shopping and want what they want immediately. Those are the people that are quick to bring out the credit card or debit card. The wisest thing to do though is to delay gratification in the short-term and save the cash for the things you want so you don’t have to worry about interest charges or mounting bills that you are unable to pay right away.

Be Self-Disciplined

To be able to save for the things you want you need to devise a budget that you can live with and you need to have a good dose of self-discipline. It is wise to come up with a rough estimate of how much money you wish to save for a future purchase whether it be a trip, a new car, home renovations, additions to your wardrobe, a new computer, a new living room set, etc. That way you can budget accordingly. This is especially helpful for individuals who have a monthly income that tends to fluctuate such as those who are independent contractors or are self-employed.

Open Two Bank Accounts

It is wise to not just have one bank account but two. Use one to pay your bills out of and then start a separate savings account that you use to save for the things you want and for long-term savings. Many people only have one bank account but it is more financially savvy to have more than one. It is also a good idea to have your accounts at more than one bank. Make sure you faithfully take money from each paycheck and put it into your savings account. Even if you cannot always put in the same amount still do put in some money to get yourself into the habit of doing so.

Develop the Right Mindset

Learn to adopt the right mindset for saving for what you want. If you get a bonus from work or earn some overtime money instead of trying to decide what you will spend your extra money on today choose to save it for a purchase down the road. Remember that if you put the money into your savings account and keep adding to it then you will be able to buy something even bigger, better or sooner than originally expected. Learning to be self-controlled and self-disciplined can go a long way in helping you save for the purchases you want. 

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