5 Non- financial benefits from saving money every pay day.
Do you find yourself putting the thought of saving money regularly in the ‘Do it later’ box?
By taking a moment to step back and take stock of the real benefits that saving regularly can give you and not just financially, you may just become motivated to start sooner.
How often do you hear someone throw out a comment like ‘Don’t buy that coffee’ or ‘make your lunch’ with a well-intentioned ideal that these great and wise words will change your life.
That goal to buy a home, to make the budget numbers work, or some other grand desire will come to pass because you took the advice and ran with it.
But let’s be realistic, is that $20 -$30 a week really going to make the difference? Probably not, hence why you possibly carry on buying that coffee.
Over the years of coaching I have come to realise the real benefits (and there’s many) go far beyond the numbers.
Here’s a few below for you to think about.
Reduced stress
It doesn’t matter how much you are saving each pay day, every week the amount increases (and you don’t need to take it back to pay bills) the lower your stress levels.
Having your own money to help carry you through the unexpected without the need to rely on the credit card or figuring out how you will manage yet another regular debt repayment will reduce the stress of the unknown and help you face these challenges with a greater confidence.
Smarter decision making
Having a financial buffer from constant savings allows you to make better money decisions that align with your real values and long-term goals instead of making reactive decisions that later you may regret.
A buffer gives you time to step back and really weigh up whether what you are about to do really is of benefit and what you want instead of reacting to some clever marketing ploy to get your commitment today.
Boosted self-control
Saving money regularly and being able to leave it alone and see it growing increases your disciplines, not just with money. As your savings grow, you naturally start to consider other areas where consistency can benefit you too.
Seeing is believing and when you increase your belief your discipline strengthens too. The two work together like a well-oiled machine.
Lifts confidence
Achieving savings goals elevates you to a place where you see other goals worthy of pursuing. By demonstrating to yourself that you can set a goal, stick to the plan and accomplish what you set out to achieve unlocks your mind to consider what else could be possible. The world is your oyster.
Subconscious mindset shift
This has to be one of the biggest benefits I have ever experienced both personally and with clients.
When you have no savings and don’t save regularly the subconscious message is often one of spending what’s left before it’s all gone.
When you apply to your finances a plan of saving every pay day (whether it be $10 or $100) and it starts to grow you subconsciously transition to a ‘protector’ mindset.
It’s not that you can’t spend it, you have simply moved to a position of wanting to protect it because of the combination of financial and non-financial benefits your growing savings are starting to give you.
When your focus moves past the numbers to focus also on non-financial benefits as well, the discipline of saving money goes way beyond just building wealth; it extends to your overall well-being and personal growth.
Here is a helpful calculator to assist you to work out how much is a realistic amount for you to get started saving.
Why not check it out and get started saving today.