5 key habits of people who are very good at saving money – nairametrics
Saving money is difficult. Period. It is a well known fact. Despite the large amount of information on ways and techniques to save money, 90% of people still struggle with this.
A large percentage of the workforce living paycheck to paycheck. Much of that percentage is swimming in a sea of debt. Avoid calls and burn bridges, in order to save face.
When it comes to personal finance and savings, there are two main arguments
- The income argument
- The individual argument
Income The school of thought argues that in order for you to save money, you must earn enough. This means that the art of saving largely depends on earned income.
The individual The argument is that if you can’t manage the little you earn, there is no guarantee that you will be able to save when you start earning more. This means that the art of saving has more to do with the individual concerned than the income in question.
Whichever side of the argument you lean on, I think you must have met people who are just plain good with money. it seems to come naturally to them. They have so much control over their financial lives that other people trust them with their own money.
After some research, we want to quickly highlight 5 key habits that are usually found in people who are very good at saving money. There may be other factors, but these five habits are still present.
Smart people are not impulsive when it comes to spending money. Simply put, they buy because they need to, not because they want. They seem to defy the general marketing rule that humans naturally make purchases based on emotions, not logic.
They are not drawn to the appeal of big brands and most of the time opt for products that will last a long time.
People who know how to save money sacrifice a lot for the greater good to come. They just don’t set savings goals, they have the discipline to achieve them.
They willingly sacrifice the little joys of evening shawarma to be hired at the end of the year without breaking the bank.
Delayed gratification is a key habit that is still present among people who are very good at money.
Read also: 10 ways to save and make more investments
Obsessed with self-control
People who are very good at saving money usually show a high level of self-control in other areas of their life. A closer look will reveal that they portray the same meticulous approach they have with money in other areas of their life.
Many were taught by their parents from an early age, while others learned it themselves as they grew up.
Individuals who are good with money have an extraordinary willpower that controls their human side. It helps them live below their means and always get extra money back to save.
Great Record Keepers
Not many people know the exact amount they spent in the last month. It takes someone who is meticulous and obsessed with saving every penny to get this far.
Money-smart individuals keep clear records of all their transactions. These records help them establish a savings plan or goal.
Money-smart people see shopping as a great opportunity. They don’t trivialize the art of spending money like ordinary people do. They keep good records of all transactions made and always think about it.
They have a good grasp of the numbers and can always tell when they are overspending.
The numbers are critical!
Every penny counts
People who know how to save money have the same respect for an N1000 ticket and an N20 ticket. For them, there is no difference between the two. They treat money as an entity and don’t assign importance based on value.
Ordinary people see an N20 invoice as easily consumable, intelligent individuals see the missing N80 to make it an N100.
Big fan of investment
Smart money Individuals always have the gift of investing their savings. The main driver of their savings habits is usually the love of investing. You can’t be a successful investor if you don’t have any idle money to invest.
Money savvy individuals are funds for making long term bets. They like the idea of their money making more money. They are obsessed with it.
They are always on the lookout for the latest smart investment opportunities available.
Their savings ethic is usually motivated by the fear of missing out on a great investment opportunity.
There could be other factors that explain why some people are more successful at saving money than others.
We believe the above reasons are the first
The good news is that most of these habits can be adopted by people who want to join the elite club of money-smart people.
Today is the best day to start!