Why do we make saving money so difficult? Perhaps we should take the same advice our parents gave to us: simple and effective ways to save.
The idea of saving money is simple subtraction, centering on what you make versus what you spend. Often times, we don’t have any control on the former at this moment, although looking for a new job, a second job or other sources of income are certainly very much on the table.
But the expense part is what we can control right away, but using a simple budgeting technique that our parents tried to instill in us in the form of a weekly allowance, the precursor to what is your paycheck today.
What happened as a kid when you ran out of allowance? If you parents knew best, they would simple tell you that’s it, no more money and no more spending.
Somewhere along the way, we lost that way of thinking as it relates to money.
Instead, as adults, we get ourselves into trouble with credit cards and borrowing so that we can continue to spend, even if the spending is on necessities (groceries, bills, etc.). That, in and of itself, is an issue if you have to borrow money just to pay bills.
That aside, mom and dad most likely told you that if you have a certain amount of money, say five or 10 dollars, then your job was to make it last and spend wisely.
What does it have to be any different now as an adult?
Most of the population doesn’t have a budget, and thus they have no clue what they spend or the entire totality of their monthly bills. That is a recipe for not being able to save money but also putting yourself behind on paying bills and paying them late.
When your parents talked to you about money, they also stressed wants versus needs, or necessities versus wants. We started to to blend those two categories together as we got older, so that black and white topic became shades of gray. Along with that, you also were reminded about how important saving money is, but somehow the same kid who counted pennies and didn’t want to “waste” their allowance on something frivolous or silly is the same adult who has a jet ski collecting dust in the garage or a swimming pool that you purchased and paid to have it filled in with dirt.
The point is money and habits are bred at a young age, but even that isn’t a sure fire sign that you’ll remain consistent as you get older. Sometimes when it comes to money, the best advice is the kind you were given from day one.
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