The Zen of Success – More Habitual Saving
I’ve been researching saving habits of the Successful extensively over the last several years in my quest to eliminate debt, increase my savings and increase financial security for my family, and the I think everyone will agree the biggest problem for many of us, is that impulse spending, on eating out, shopping and online purchases, is a big drain on our finances, the absolute biggest budget breaker for many, and a sure way to become mired in dire financial straits. The Successful are able to develop their financial and saving habits through strong focus and clarity of purpose that are critical components of their vision of the goals they have defined and set for their success including some of the following.
strongStop paying interes/strongt. Some people pay thousands of dollars in interest every year and I’m happy to say that I now pay zero in interest, after becoming debt-free several years ago. Remember, the key is to stop getting into new debt, and to pay off your old debt as quickly as possible, paying off your credit cards the priority, paying off car loans and purchase vehicles using cash. Again, this is difficult for many and not for everyone, but I highly recommend it for those who can make the changes and adjustments, and manage it.
strongStop buying unnecessary items/strong. This is a toughie, but if you’re really serious about saving, you’ll at least consider it, and if you make a list of monthly expenditures for small items and you stopped buying the things you identify as unnecessary, at least for a little while, you’ll notice a pretty sizable savings.
strongStop traveling/strong. If you travel several times a year, or even just once a year, you could save thousands by not traveling. Learn to enjoy yourself from where you are, and you can relax and take a break from work without having to leave home, as each trip can cost thousands, depending on how far and long you travel, so this is a huge potential savings for some people.
strongSlash your entertaining and entertainment/strong. Entertainment expenses can really add up, so if you spend a lot of money going out to entertainment including movies, theater, dining out, drinking, clubbing, etc., you can curb this habit and save a lot of money, and the key is that you don’t need to spend money to have fun.
strongCut out all subscriptions/strong. Each little subscription you have is a small-ticket item, but together can amount to over $1,000 for many families, and some people that have even more subscriptions and can save thousands.
With less stress worrying about many needless costs and expenses of living, the Successful will then focus their energies on reaching the goals and objectives they have been able to carefully plan for with a clear vision of the accomplishments they will reach.