Get in the Habit of Saving by Setting Aside 50% of Your Additional Income
The habit of saving, if you haven’t started yet, is a serious psychological obstacle. To make things easier for yourself, start saving half of any money you might consider “extra.”
As the personal finance blog Budgets Are Sexy notes, you are unlikely to miss out on any money that is considered “extra.” If your bills are paid and you’re full, the balances are likely to go to things you don’t necessarily need. The motivation to buy what you want is what keeps you from saving from the start. However, if you only save half of the extra money, you can get some relief from that itch while still preparing for the future:
This is called the “Save 50% of all your EXTRA money” pill, and once you take it, you cannot stop. It’s like saving 50% of all your income, which is often called “impossible” and “why the hell do you want to do that?” – it will help you start by focusing on all the extra money that comes in addition to your regular income. And since all this is “superfluous”, you will not miss it!
Over time, you will be able to increase your savings and, if necessary, adjust your lifestyle. You may find that having a solid emergency fund is more beneficial than going to the movies every week. Or maybe saving in the short term will help you change your lifestyle in order to increase your savings later. In any case, if you don’t save money, then injecting yourself will benefit you more than forcing yourself into a savings plan that you cannot handle right away.
Drugs Leading to Extreme Savings | Budgets are sexy