Developing A Saving Habit.

Money is a controversial topic, and everyone feel like they understand it and the rules that govern how it’s spent because they’ve been interacting with it all their lives. One of the rules of money we least pay attention to is savings.

The mistake that most people make with saving is that they assume to start saving, you need to have gathered a lot of wealth. This is why a lot of people who can be considered good earners still don’t save. Because they feel they don’t earn enough to save.

This misconception is totally flawed

You don’t need to be earning 7 figures or whatever to start saving. Even if it’s just a penny a day, that goes a long way to cultivating the saving habit.

Start small. The saving mindset and habit is not developed overnight. The goal is to develop a saving habit you can stick to and sustain in the long term. In my opinion, your first few days of saving (or starting to save) should be aimed cultivate consistency and a long term habit of putting something small aside. The growth is realized overtime with compounding.

Selecting a time frame is important

Everyone has what saving timeframe works for them, and that is mostly determined by what works for them.

People who earn daily are more likely to want to save daily because daily savings are insignificant compared to waiting for things to pile up at the end of the month. Saving daily, you’re not worried about digging too deep into your pocket to deposit something into your savings. That honestly would ruin the idea of saving for you.

But then there are monthly earners and paycheck receivers.

This is the group who find it most difficult to save because money that lands in their accounts took 30 days to get there and so they’re very conscious of even pennies leaving their accounts. For this group, the sentiment is that every penny counts and to put away that much will not be easy for most. But still, no matter how small, consistency is how you grow a savings account.

I saw the Saturday saver’s post a few days ago and I couldn’t help but take interest in their saving strategy. A penny a day won’t hurt my pocket and the gradual increase will not be noticeable at all if I stick to it. So I joined the Saturday savers on my main account to save Hive everyday with them. I’m joining a bit later though because I joined on day 50, but it’s better late than never.