Spend Later Money

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As we just talked about with your rainy day fund. Having funds put aside increases your resilience and your money life just feels easier.

The next step is around savings. Once you have your rainy day at a level your happy with, you can setup a separate savings account where you can redirect the funds you had going there.

I know, saving money can be hard. There is no real “pleasure” from putting money away at the time – compared to the satisfaction on spending it on things you want!

We live in a world where we are being told every day to spend money, through traditional advertising, and then even more so through digital advertising.

We are consistently being shown how we should live our lives, and therefore spend our money to enjoy life.

Advertisers know this, and that is the power of repetition, by walking past the same things every day you start to convince yourself you really need it, and eventually just buy it.

So how can we make savings money easier?

  1. MINDSET
    1. Understand that you are still going to spend the money, but just not right now.
    2. Savings are just spend later money.
  2. PURPOSE
    1. What are you saving for? In your case, your home deposit – this should be ample motivation to keep going.
    2. You can then make lifestyle decisions around this priority, basically ranking saving for a house higher than some other things in life for a period.