Saving money is a matter of habit, not finances
It is possible for you to save money even if you feel as though you live paycheck to paycheck and your wages are totally committed to paying your bills. Saving money is a matter of habit, not finances.
If you allow yourself to believe that saving money is a habit and that habits are derived from your own mindset, you will overcome the main obstacle you face in beginning to accumulate a savings account. If you continue to believe that your ability to save is only a product of the amount of your income, you are thinking like a victim and not like someone who makes your own choices and takes charge of your own financial destiny.
Remember that stress, particularly stress associated with your finances, is only created from what you do not understand or what you cannot control. You can absolutely take steps to better understand and control your finances and become a saver.
There are multiple ways that you can begin effective saving habits regardless of your level of income and without necessarily needing to make more money. They include, but are not limited to, direct deposit, proper withholding alignment, contributions to employer sponsored saving plans, and Roth IRA’s.
By establishing your saving habit before your wages increase, you will be better prepared to save and save at a higher level when you do earn your next raise. Should your wages increase, you can seize the opportunity to save a few more dollars. At this point, you will have already proven to yourself that it can be done.
It is always a good idea to seek professional advice from a trustworthy professional when you are making decisions about your finances. The savings options and methods mentioned here, however, are straight- forward and can almost always be accommodated by your primary financial institution.
The act of saving can be as simple or as complicated as you would like to make it and you can more easily talk yourself out of the need to save than you can convince yourself that it is important to do so. Just remember that you will encounter less stress and generally find yourself in a better position overall when you make decisions that are rooted in reality and that are aligned with your needs and goals.
When you begin to make good decisions on a consistent basis, you will often discover your own brilliance in the simplicity of the plan you develop around those decisions.
This article is part of Scott Arney's educational series, entitled The Serial Decision Maker