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February 2016

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Mental Checks that Can Save You a Fortune

Written by , Posted in Money & Finances

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5857728038_a70232596a_zMental change is one of the hardest things to accomplish. You are already set to act in a certain way after years of mental consistency. However, it is possible to unlearn unfavourable habits especially when such habits are costing you a fortune. This piece takes a look at mental checks you can use to save yourself some money.

Check your finances daily

For most of us, checking our finances is reserved for when the monthly statement comes in. In some cases, the statement is rarely perused properly. This is a habit that you need to drop if you are to improve your finances. Mentally reminding yourself to check your finances for a few minutes a day is a good way to scroll through your recent transactions. During this check, you can see if you were billed twice anywhere during the day or if your tip was changed by the barista. You will also see if you are spending more money than what is ideal. You can achieve this by scanning your banking or credit card app and going over receipts in your wallet 5 minutes after dinner.

Arrange mental reminders for financial tasks

Do you find yourself dodging beneficial financial tasks like the one mentioned above? Making sure it is always in your face somehow is the way out. So if you find yourself ignoring your credit card app, move it right next to your favourite social media app. Are you failing in your resolution to put away something daily towards that kitchen upgrade? Make a sticker and place it in your car or above your bedroom room mirror. The benefits of setting mental reminders will seriously pay off in the long run and help you to avoid bad habits.

Create recurring alerts

Financial actions like readying tax documents, paying bills, checking your stock portfolios or increasing your pension contributions are very important. Forgetting them can be very costly. However, it is common for them to skip your mind.   Setting recurring alerts is a great way to make sure you are always in the loop and avoiding any costly penalties.

Save first. Spend later.

The standard savers mentality is to spend first and save whatever is left after the expenses. Unfortunately, there will always be expenses that will ensure you don’t save exactly what you want, if you save at all. You need to tweak your mentality by saving first and spending only what remains. If you have resolved to save 15% of your earnings monthly in a current account with good rewards for your efforts like this one, you will benefit by training your mind into believing that you earn 15% less than what your pay check says each month.

By keeping tabs on your spending, fulfilling all financial obligations and saving before expenses, you can save yourself a fortune every year.

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Taylor Madsen

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