How To Avoid Spending your Savings

[moonchild]

if you have financial goals savings Is one of the ways you can reach your goals easily, especially if you earn an income that enables you to save the chunk of your salary, problem arises where most people that save their money end up spending it on an unnecessary stuff that don't intend to like shopping, buying stuffs that you don't need and not part of your plan.

You can deal with this problem by actually opening a savings account without an ATM card or a debit card because it'll become hard to take from such accounts and the effort you need to expend to withdraw from such accounts will make spending undesirable and will also remind you of your goals.

 

[Axis]

It is totally impossible for an individual to say that he or she will not spend his or her savings, and the reason is because the whole idea of saving money is so as to spend it one day. I believe that what you are trying to say is that, how can an individual prevent spending his or her saving money on unnecessary things or on things consider to the mere desires not needs. Typically that can be done when such individual adopts the financial activity of budgeting which helps him or her spell out his or her needs and wants carefully, in this way he or she make sure to satisfy his or her needs first there by having enough money for savings.

 

[Etini]

I believe so much in the power of decisions and goals in financial management. The first thing you would need to do is to be sure that you have a goal and a target for your savings. Let it be defined. If possible, make it a daily reminder on your mobile device. That would drive that goal to become part of your sub conscious that if you want to touch that money, you would think twice.

Another thing is that you should make sure that you plan your life and avoid any situations that would put you in a financial emergency to touch that funds. Eat before going out. Carry whatever you need so that you won't go out and need to buy something urgently and need to touch your savings.

 

[Mika]

If you do not want to spend your savings, you need to make sure that you are earning enough money to cover your expenses as well as buy things that you want. If you are planning to buy something big and you do not have enough money, avoid using your savings. Instead, start saving money for your purchase and then use that money to buy things. Likewise, if you want to go on a vacation, do not use your savings but start saving for your vacation.

 

[Phantasm]

The best way to avoid using up your saved funds is by having self-control, foresight, and a proactive approach to your personal finance. Ways of resisting the temptations to consume savings are: decide what you want to achieve in financial terms, draw up a budget, automate savings, build an emergency stash, have different accounts for saving purposes and learn patience in life. Such steps will enable you concentrate on saving rather than spending money and hence realize your set economic objectives.

In order to curb impulse buying behavior, practice delayed gratification by applying the 24-hour rule related to non-essential purchases. Make a list of things that you want before going out for shopping so as not buy anything which is not in it. Employ visual aids like charts where you can record how much you have saved so far and tell somebody about your goals in order to be accountable at all times. Avoid impulsive expenditure by always keeping your mind focused what matters most. Therefore this implies that one has got properly guided lifestyle choices when it comes to expenditure thus making progress towards achieving financial goals and building long-term financial stability through practicing mindfulness while spending or saving habits.