Why does it seem to be so hard to save money?
Jayson Lo points out the number one reason. It is because of the lack of emotional attachment or connection. To what? To saving money itself.
In order for someone to enthusiastically save, he or she should have that emotional connection with it.
How then can you build such emotional bond with saving money?
Through his interview with Peter Kairuz, Jason shares 3 principles about saving money.
1. Pay Yourself First
This principle simply implies that before paying all the other expenses, you should first allot a portion of your salary as your savings.
This will set your mind into thinking that you are giving yourself a favor. As you keep doing this, you will develop a connection with savings and will love it in the long run.
At some point, savings will be a normal part of your financial life.
2. If you can’t afford it, don’t buy it.
Do not buy anything if you do not have the money to pay for it.
Thinking of using your credit card? Think more than twice.
Do not use your credit card to buy something unless you will be able to pay it by the end of the month.
If you do not have the money, then it means that you cannot afford it. Unwise use of credit cards lead to serious financial problems as your debt increases.
3. Sleep on it.
Before buying anything, especially something that you have been desiring to purchase, sleep on it for a night. Do the same on the next day, and then on the following day.
In doing this, you will develop the habit of delayed gratification. The value and the intensity of your desire to get that thing that you have been wanting to buy diminishes until you do not want to buy it anymore.
Your savings will grow as you keep these principles in mind. Spending then becomes more difficult because you are already attached to it, knowing how you thrived to keep the money.
Saving money cultivates self-discipline. There’s no big or small amount to start with it. You will reap the fruit of your labor as you stay being diligent in it.
“A slack hand causes poverty, but the hand of the diligent makes rich. He who gathers in summer is a prudent son, but he who sleeps in harvest is a son who brings shame.” – Proverbs 10:4-5, ESV
Is saving an issue that you personally find hard to address? Call us anytime at 737-0-700 to reach us in Metro Manila or contact us through our CBN Asia Prayer Center if you are outside Metro Manila or outside the Philippines. We will be happy to pray for you and encourage you.