Why is saving so hard?

Saving is not a rewarding activity. When you spend your money, there is instant (or slightly delayed) gratification. And in exchange, you have a physical product in your hand or service to enjoy. Saving has no such reward. You don’t get points, no one thanks you, and there’s generally no celebration for paying off your debt or reaching a saving milestone.

Saving can feel like a punishment because we sacrifice spending our money on things we know we would enjoy, to save.

We sometimes regret saving money that we could have used on something we missed out on, but also regret spending our money when we could have saved it.

So how do we make saving easier?

Focus on life rather than money. What are you saving for? What is the lifestyle you would like to have in the future? What kind of house do you want to live in? Where would you want to go on vacation? Focus on whatever it is that you want in the future rather than the money itself.

Then automate your savings to get you to your goals. Soon enough, you won’t even feel it.

And consider to include your advisor in your savings journey. They will help you solidify your goals and stick to them.

Lastly, celebrate when you reach a milestone! You’re that much closer to reaching your goal. Reward yourself, even if it is a small swirl cone.

Inspired by Dr. Dan Airley.