Saving is setting aside money you don’t spend now for emergencies or for a future purchase. For many millennials this is hard to do. For others it’s actually harder to part with their money. They tend to squirrel it away and spend as little as possible. It all depends on your money story or money messages!
This post is for people (particularly millennials) who have trouble saving money and are motivated to change their ways. You have tried to spend less and not been successful. There are many reasons why. We will address those reasons and offer suggestions for how to spend less and save more!
Larry (co-author of this post) is a big believer in “The Power of Compounding.” He learned from personal experience how magical (and motivating) it is to grow your money by starting to save when you are younger. If you consistently save $100 a month in 30 years it will be worth over $100,000. Small pain for large gain!
Some Reasons Why You Have Trouble Saving:
- I’m young. I can start saving when I’m older. There is plenty of time!
- I need to spend money to keep my social life active.
- I can’t have fun if I’m focused on saving.
- I don’t make enough money to save. I can barely keep up with my basic living expenses
- My parents and others seem to get by even though they don’t have much savings. If they can so can I.
Saving needs to become an automatic draft or a habit! If you aren’t making much money then save something like $10 per month. Get started! Our goal is to help you have financial peace of mind and protect yourself from unnecessary stress caused by unexpected emergency expenses.
How to Overcome Overspending So You Can Start Saving!
- Notice when and how often you feel bad about your spending
- Acknowledge as many consequences as you can
- Accept that change is hard and takes time (focus on baby steps)
- Commit to “conscious” spending. Based on a need or want?
- Focus on finding free (and fun!) or inexpensive things to do
- Cook more and eat out (or take out) less
- Set a budget for non essential expenses and review it weekly
- GET SUPPORT from people who won’t judge you
It is easy to understand why saving is important. Doing it is much harder even with the best intentions. You get invited to go out with friends or take a vacation that you can’t comfortably afford. It’s hard to say no for fear of disappointing friends or missing out!
This is why you need good guidance and support. Larry and I are co-facilitating a support group (starting January 2021) to help motivated millennials make money and life decisions that align with their highest values and priorities.
If you or someone you know is interested in joining our support group please send an email to margogeller@gmail.com or text Margo at 404.218.4559.
We look forward to hearing from you!
MarGO!
Professional Counselor, Career, Business and Life Coach
Margo@MargoGeller.com
404-218-4559
www.MargoGeller.com
