Psych up to save

Do you plan to save what’s left at the end of the month but nothing’s left at the end of the month? Many do not have savings set aside for emergencies or future expenses such as retirement. So how can you psych up to save?

If you have a planner personality, you probably have little difficulty saving. Planners tend to be disciplined, feel in control of their lives, and know how much they need to save. But what if you are an impulsive hooked on instant gratification? Or a denier, refusing to think about saving? Or a struggler – you know the importance of saving but you feel barely able to keep afloat financially?

No matter what your financial personality is, the key to savings is to:

• Set specific goals (For example, if I save $140/month for 3 years, I’ll have the $5,000 for a trip to Europe),
• Get into the habit of saving. Consider saving an obligation, not a choice.
• And just do it. You can’t go swimming if you don’t jump in the pool.

Resource: "Psych up to save," Money Matters: A Woman’s Guide to Financial Well-Being newsletter, December 1998, p. 1+.

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