Scott On Money

Why does saving seem to be such a difficult thing to do?

Personal Finance Advice offers up a few ideas ranging from the friction with commercial messages to the difficulty of giving up on things we enjoy.

I think those points are valid. Additionally I think that there is often a lack of balance. There is a lot of focus on giving up. Give up eating out. Give up buying a new car. Give up coffee. Give up cable tv. … There is nothing at all wrong with these suggestions. I applaud those that execute on them. Sharing these ideas sparks my thinking.

I also must realize that I must cope with my own mind.

I need to understand what I am going to achieve.

I need to weigh this against what I’m giving up.

I’ve failed too many times by setting a goal that causes me to give up something too dear for a gain that is either too nebulous or too small.

Strike a balance. It is not: give up. give up. give up.

Always understand the reason that you are saving. If you are just giving on something without understanding the reason you are making your life very difficult.

Try to make your goal concrete. Reaching retirement might be too abstract a motivation to compete with the latest model car. Make your goal more real. Something like sitting on a beach in the Caribbean on a sunny, breezy day.

Be creative. Like golfing? Don’t give it up. Try to find a way to do it less expensively. If you really like it think of another way to save money that impact your quality of life less. Better yet find a way to do more of what you like for less money. Like rock climbing? Could you buy some used gear and go climbing outside instead of paying $30 to a rock gym?

There is more to life than money. Find a way to balance your savings with your happiness and I think saving will be much easier.