Tiny Steps to a Big Savings Pot
Watch your savings increase as you develop a positive attitude
Saving for a rainy day or a far off future rarely comes naturally to us. Our brains are wired to place more emphasis on earning than saving. When it comes to spending, the immediate buzz of the new and shiny often wins out over the dullness of saving.
Simply put, our brains find it difficult to see the real value in saving. This is as true of saving for an unexpected emergency as it is for building a nest egg for retirement. Around 40% of all Americans would struggle to cover a $400 emergency, and nearly half of Britons neglect to put some money aside for their later years on a regular basis.
Fortunately, developing a saving mindset isn’t impossible. What’s more, you don’t have to do it in one massive leap. In fact, never has it been truer that ‘slow and steady wins the race’. Follow these small steps to grow a big savings pot and develop a savings mindset along the way.
1. Track all your spending
If you don’t know where your money is going, it’s hard to determine a regular amount to save. Don’t try to curb your spending when you start tracking it. Simply write down everything you spend each day. It can be difficult to remember every transaction, so I ask for receipts…
