The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.
Challenge of the Week: Save More Money, Spend Less Money
This is a follow-up to a previous challenge, Be More Aware Spending Habits, in which you were asked to become more aware of what you have been spending your money on, to understand the difference between your wants and needs, and to try and spend less on your wants in order to have additional money, possibly for savings, or for the things you really want.
In this challenge, now that you have become more aware of your money spending habits, you are asked to start saving more this week. Whether you just got paid or are used to spending money, instead of spending that money, put it towards your savings or into a jar for this week. Many people have the instant gratification bias, in which they want to obtain the desired object at all costs, regardless of how much it costs, in order to achieve a sense of having what they want.
Instead of giving in to your innate desires to have the desired objects you think you need, you want to become aware of this, and put the money that you would have spent on it towards your savings. If you are used to buying a coffee everyday at Starbucks or going out to lunch, you will want to change this habit, and put the money towards your savings.
At the end of the week, you will want to figure out how much money you saved in order to understand your wants versus your needs. Have you always wanted to buy something or go somewhere or do something, but you never seem to have the money? By figuring out your needs versus your wants and careless spending habits, you might just be able to afford the real needs and wants of your desires, rather than fulfilling those instant gratification desires. It might just make you more happier than buying something you might forget about in a couple of hours after buying it.
This week, try saving more money and think about what you would do if you had “extra money” to spend on what you really want. You might just want to continue this challenge or habit for the remainder of the year in order to afford that vacation or buy that thing you really wanted, the Apple Watch, or maybe some other awesome electronic device!