Many of us think of change as a trade-off where we lose something in return for something else that we often hope is better. We are suspicious of it, and will often fight and resist it before we change our habits. Fear is usually what prevents us from change. This is because we become too familiar and comfortable with our current habits.
However, each change is in fact turning a page that helps us grow and move forward. We have to see it as a positive thing, and focus on what we will gain, rather than lose from the situation.
When it comes to spending, it helps to write things down so that you can visually see what is changing. Often most things stay the same rather than changing.
Even a small change in spending habits can have a huge impact and can make a considerable difference to your savings. For instance, over spending by just $10 a week and owing someone $520 plus 12% interest by the end of the year can end up becoming $3600 after 5 years!
The longer you wait, the bigger it gets and the more interest you’ll end up paying.
If you’re a regular coffee drinker or you frequently buy lunch out, it’s still possible to indulge while still saving money. Try cutting down by $2 on 5 separate expenses such as having 5 coffees instead of 6 a week. Or trading that $12 lunch for a $10 lunch and bringing your own from home one day a week.
That’s a cut back of $15 a week and now you have $260 plus a little interest in your account. Better in your account that someone else’s! Not hard to do, but better now being debt free than falling behind later.
As Andy Warhol once said “They always say time changes things, but you actually have to change them yourself.”