Let's face it; spending money is often more fun than saving it. However, learning how to save is an essential part of financial planning.
While putting money in the bank instead of handing it over to retailers can be easier said than done, there are some strategies you can use to make the process easier.
Set your goals
It's a lot easier to save if you have a firm figure in mind. By giving yourself a goal to reach, you'll be able to see the progress you're making instead of feeling like you're putting money away for no discernable reason.
MOVO's free Goal Planner tool can help you create and keep track of your financial objectives, giving you a set path to follow on your journey.
Wait for it
Sometimes you see a product that has you reaching for your wallet before you know what's hit you. In cases like these, having a waiting rule can be invaluable.
This financial strategy is simple. All you have to do is make a promise to yourself that you'll wait a certain amount of time before making any big purchases.
Next time you find yourself thinking about that new big screen TV, force yourself to hold off for a week or so. During that time, think long and hard about whether it's the right decision, as well as how it will affect your financial planning.
A little self-imposed spending control can go a long way toward preventing next day regrets.
It may be possible to set up an automatic savings account at your bank that will take money from your pay check and put it away for you with no effort on your part.
This can be a great way to start saving without even having to think about it. Instead of stressing about how to split up your pay each month, you'll find yourself with a steadily growing savings account.
After all, sometimes taking the choice out of your hands is the best way to stick to a plan.