Positive Influence of Saving Money

by David@MoneyNing.com · 7 comments

Are you a spending monster who wished you were a saving technician? Or do you want to know how to teach your kids to become a saver rather than a spender? If you answered yes to either (or you are just so bored anything will do this minute), the article is for you.

Confession of the “ah ha” Money Saving Moment

I have to confess that I didn’t discovered this secret until I was sitting in front of my computer with nothing to write about. I was staring at that white screen at the time and was actually thinking about golf. One thing led to another and when my mind wandered upon why I wanted to play so badly, it dawned on me that it was because of my good performance of late. My desire for golf were heightened by the success I was having. I wanted to feel good and golfing gave me that feeling. I was a recipient of positive influence.

Positive Influence in Becoming a Snowball Saver

Like a snowball rolling down a slope, positive influence can help give us a jump start along the path to prosperity. I still remember my first savings account and seeing my tiny account balance grow. The numbers were increasing at a snail pace, but they were definitely going up.

It was fun to see all those charts that trend upwards as I recall. I was young, but I already saw the benefits of saving. As the activity section was filled with transactions, I started associating the happiness to saving money. Not eating that candy bar the other kids had all of a sudden became okay. When I grew up, so did seeing all my friends buy high priced TVs without getting one myself.

Incorporating Positive Influence Into Your Daily Habits

If you are already a saver, then you agree that saving can be a source of happiness. If you are a spender though, then most of the usual advice of saving money won’t work because you just don’t see the benefit. Instead, try this:

  1. Build an Emergency Fund with a Savings Account – Start small, but start saving. Forget about investment accounts and any investments that may go down. Open an online savings account. Put some money in there, and start seeing that money grow.
  2. Reward Yourself When You Make Milestones – Set some goals and as you reach them, give yourself a small reward. It could be a nice dinner with your loved ones or a some new golf clubs. Whatever it is, make sure the money doesn’t come out of your savings account.
  3. Check Those Stats – Look at that account balance periodically. Let your family know how much money you saved since you started doing this. You will feel good about the progress, and that in turn will help you save more.

The Hardest Part of All

Congratulations, because you already accomplished the toughest part of all this – finding out about it. Now all you have to do is start. Once that snowball begins to roll, it will just continue rolling and rolling.

Aside: Positive influence works extremely well with paying off debt too. That’s why the debt snowball method works even though you might actually be paying more in interest. Here is more information on what the debt snowball is.

Money Saving Tip: An incredibly effective way to save more is to reduce your monthly Internet and TV costs. Click here for the current AT&T DSL and U-VERSE promotion codes and promos and see if you can save more money every month from now on.

{ read the comments below or add one }

  • Andy @ Retire at 40 says:

    I too have thought about this. We must be inherently something, whether it’s a spender or a saver but the good news is, people can change. I used to be a spender (not a big one, but a spender nonetheless) but I’d say I was a saver now, just a few months after deciding to change.

  • SimplyForties says:

    Coming up with a non-financial reward would really be great. I’m nearly debt-free and having a hard time not deciding to reward myself with one of the several things on my “want” list. I haven’t figured out what that non-financial reward would be, but I’m working on it.

  • Craig says:

    My savings began when I didn’t have money to buy something I wanted, and then began to save up for it. this was when I was younger and still use the same philosophy for the majority of my purchases. I agree that having a positive influence is key, also setting goals is a great reminder to help stay motivated and to mentally know there is a reward at the end of the tunnel.

  • Neal Frankle says:

    Nice post sir.

    I have found that if I focus on the end goal – financial, diet, whatever, I can get frustrated very easily. Instead, I try to act in a way that will get me closer to my goal – in daily increments. In other words, if I have a spending problem, I’ll make a plan, just for today, not to waste any money going out to lunch (for example) and if I achieve that, one day at a time, I can feel like I had a successful day. If instead I think about some harder to achieve goal – like having a net worth of $5 million in 3 years, I may give up and not do what I need to do on a daily basis.

  • Jules @ The Francophile Files says:

    Seeing both my emergency fund and general savings account grow (hehe, by even small increments) is definitely a positive influence for me to continue to save.

    Good explanation of this phenomenon.

  • Elizabeth says:

    This is exactly why each of my children started receiving a (very small) allowance starting on their 7th birthdays, why we went to the bank that same week and opened a custodial timed-saving account complete with pass book, why they were taught to enter each monthly deposit of their allowance, and why, for the first year of receiving an allowance they were not allowed to make any purchases. The whole point was to help them develop, at the very least, a habit of saving money though my hope was that they would develop a strong taste for watching their money grow. It was my theory that they would, in the natural course of events, learn to spend money but it was my job as their parent to teach them the whys and hows of saving.

  • MyMoneyMyLife says:

    Great article, we recently started having our flexible spending money direct deposited into our savings. We had already spent the money so why not just save it and earn interest instead of pumping it back into the checking account.

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