The following story was from one of the readers Philip. I thought he had a great way of motivating us to save, so I am sharing this with all of you.
I tried something different. Every time i had the urge to splurge, and if i managed to resist, i went home and kept aside that money that i would have otherwise splurged.E.g if i wanted to take a cab, i took a bus and then put aside $10 that i would have otherwise paid extra had i taken a cab.
At the end of 2 months, i was astonished to see $340 in the box. That was how much i was wasting earlier. I made some changes to my lifestyle.
Now, its 3 months since i took a cab. That’s a huge savings for someone who was too impatient to wait for a bus and took a cab almost 2-3 times a week.
In many of the things we do, it takes motivation. Speaking from experience, having the will to save money all the time is a very hard thing to do. It is easier for some and harder for others, but much of it boils down to how much money you have to spend. For those that have a high salary but is unable to save, just think about the people that are living happily with less than half of what you make. Just imagine if you could tuck away half of your salary every month. After compounding, could you even imagine how good your retirement can be?
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Fixed.
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I have got to try this. Thank you very much!
I wonder how much I can rack up after a month…
Great tips! Thanks ning!
Thank you David for putting up my example. Its flattering
Not a problem! I think your idea is amazing and that everyone can benefit from it.
Keep the stories coming and I will keep posting them.