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Ca$h, Entrepreneurship, & Shit Like that Worried about the Economy and your job security? Need help budgeting for fitness? Starting a business? Planning a trip? Job-hunting? Building that home or home-gym? Building that Resume? Investing?! Check in *here* for Opinions and Feedback! Money Matters: From Business to Recreation!!!

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  #1  
Old 08-13-2010
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IN BRIEF: According to a recent survey on this website, 63% of nearly 5000 respondents are not saving. We delve deeper into the psychology of saving and take a look at how changing the way you think can even help you find that extra bit in your bank account.

Reassess your value system
Social scientists have observed that somewhere between the industrial revolution and the 21st century humans have begun to confuse our own self worth with the things we own. In other words, we are what we buy.

Cars and shoes and houses are highly valued by the society we live in. Yet, ironically enough, financial competence isn't. As a result, the act of transferring money into a savings account just doesn't trigger the same pleasure response as a new camera.

We value the things money can buy, and not the security or freedom that money provides.

Although this is a society-wide problem, with a bit of conscious effort you can reframe your value system. Here's how:
  • Recognise that "the way things are" is simply "the way you see things". You can change your reality by choosing to see it differently. For instance, your idea that only people who earn a large salary can save is a preconceived idea that is stopping you from putting money towards your dream. Choose to avoid constant comparisons and look only at your own bank account, then think of ways to improve it.
  • Move from passive to active. For example, "I can't help it if groceries cost so much" is a passive statement. Changing your approach to "How can I decrease my grocery bill without impacting on my basic needs?" is an active stance, it's about finding something you can control instead of despairing about what you can't.
  • Nurture a positive outlook. For each thought that goes through your head (with regard to money and savings), question whether it has a positive intent. For example, "I'll just have to deny myself this cappuccino because I have to save" has a negative connotation. "If I avoid this unnecessary expense, I can afford to put more money away towards my holiday" has a positive intent.
  • Make the pie bigger. After giving his class a set budget and a list of goals to achieve within that budget, then hearing each member of the class exclaim that the goals were impossible to achieve without enough funding, an economist asked why nobody bothered to ask him to simply increase the budget. The lesson is, once you have maximised your current income to achieve your financial aims, think of ways in which you can increase your earnings or supplement your income.
Living in a society that values immediate satisfaction over long term security, you have to go against the grain in order to save for your future. Becoming more aware of your value system and how you think about money is the first step.


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Old 08-19-2010
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He/She could have just put 'For Lucinda' as the title.
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Old 08-20-2010
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Nice article.

I think im pretty decent at investing and budgeting.
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Old 08-20-2010
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^^ you should be as you give advise on it :-P... but then again... doctors and nurses do smoke...
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Old 08-20-2010
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Quote:
Originally Posted by Lucinda View Post
He/She could have just put 'For Lucinda' as the title.
Glad it was of help/interest
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Old 08-21-2010
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I do. Its part of my job.

Being in the industry has enforced a strong measure of discipline on my habits. I am glad it has. It has set my priorities straight.
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Old 08-21-2010
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(well financially)
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Old 08-21-2010
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LOL well acccording to those other articles... ur set
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Old 06-17-2011
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Bump!
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