Our previous generations have a great track record of saving. Our story is quite different, we find it super difficult to save. Why? Well, there are a number of reasons. Our parents/ grandparents didn’t have many options to spend on- we do, we have access to the best brands in the word at our fingertips- literally. We don’t even need to step out to shop, we don’t need to take out time to do it. We don’t need to grapple with the weather or the traffic conditions to go spend our money. If spending took time and effort, we might have spent less.
The other reason why spending comes so naturally to us is that it feels so good! If we’re feeling happy, we spend to celebrate. If we’re feeling sad we spend to cheer ourselves up. We aren’t taught how to manage money, so the obvious thing to do when we start making money is to spend it. Saving is an afterthought and we don’t even know why we need to save. We are a generation of YOLO- you only live once. So, we live for the moment. We live in the Today. But, life isn’t all roses and hence, we do need to plan for the rainy days, for times when we cannot earn, for times when we might not be working for whatever reason. Having a Plan B is something which each one of us must have.
And the excuse we tell ourselves for not saving up is that our lifestyles are expensive and when there’s not enough to spend, how will we save. Begin with baby steps- start with Rs. 1000 a month. Start small and when you see that growing you’ll be encouraged to start saving more. Saving is a habit and hence needs to start off when you start earning. Don’t give yourself this excuse that you’ll manage money when you have more money. If you don’t manage it when you have little, big chances are that you may not be able to manage it well when you have lots of it. Habits go a long way when it comes to health and wealth.
One of the reasons we find it so difficult to save is because we cannot see what we are saving for. If we could visualize our tomorrows, we would be able to save more and save better. We are also influenced by people around us and if everyone is spending, we want to spend too. Find what works for you and work for that.
There is a series of videos called “The Richer Life” which are stories of individuals like you, who have found what matters to them in life and have worked/ saved to get there. Richer life doesn’t mean just leading financially richer lives, but leading more fulfilling lives, getting to where they want and saving money for what mattered to them. You will also be privy to some of their learnings in the videos which I think are quite simple yet impactful.
Take a look and if you do like them, don’t forget to let us know. If you’d like to tell us your story, we’re more than happy to listen.