I just got back from an expensive vacation but it was great fun and I ended up with some hefty purchases that if I had not saved up for beforehand, I don’t think I’d be able to afford!
But whilst its all good talking about saving money in separate bank accounts, or saving the small change the key idea is to actually have savings. And if you aren’t used to saving money, its not easy.
But starting is easy. Just write yourself a cheque every month for a preset amount, or transfer out the money into your separate savings account at the beginning of the month or when you get your pay.
Pay yourself first and then pay off your monthly bills and then when you have the spare change, have a little bit of fun. Saving money isn’t about suffering or depriving yourself from what you want.
Its saving up towards something bigger and better. And it starts with a cheque made out to yourself. Before you know it, the money adds up and voila! You can afford what you want :)
Of course, having a goal towards which to save is helpful. Saving with no end in sight can be pretty depressing :P
Do you practice this already? I try to but its really applicable primarily for those with a regular monthly income. It makes it easier.