Do you struggle to save money? Many of us have trouble budgeting our finances. The bottom line is, saving money isn’t easy. In 2011, the National Foundation for Credit Counseling (NFCC) found that 64% of Americans were lacking a mere $1,000 in their savings account for emergency expenses. Over the past few years studies have been conducted to try and understand why people make the financial decisions they make. A study that was published in the Journal of Financial Therapy in 2011, titled, “Money Beliefs and Financial Behaviors: Development of the Klontz Money Script Inventory,” found that, “people tend to operate from one of four distinct money belief patterns: money avoidance, money worship, money status and money vigilance.” To read more about these patterns, check out this site.
Staying motivated to save money can be accomplished in many ways. Try setting goals to stay on track. By setting specific savings goals you’ll be able to stay motivated. Do your best to avoid frivolous spending. Another way to help you accomplish your savings goals is to save a little at a time. Try to focus on reaching your goals for the month rather than the year, this way you won’t get discouraged. Remember to keep track of your purchases by saving your receipts. There are also numerous apps available for smartphones that can help you track your spending. To save money, you must stay motivated to achieve your savings goals. To find out more information about how you can save money, contact the Lavanga Group today!