{"id":52333,"date":"2021-10-17T07:10:00","date_gmt":"2021-10-17T11:10:00","guid":{"rendered":"https:\/\/www.shortform.com\/blog\/?p=52333"},"modified":"2021-10-26T09:42:57","modified_gmt":"2021-10-26T13:42:57","slug":"saving-for-the-future","status":"publish","type":"post","link":"https:\/\/www.shortform.com\/blog\/saving-for-the-future\/","title":{"rendered":"How to Start Saving for the Future"},"content":{"rendered":"\n<p>Do you struggle to save money? Can you think of some things you buy on a consistent basis that you could do without? How much money could you potentially save by cutting out your unnecessary expenses?<\/p>\n\n\n\n<p>Many people struggle to save money on a consistent basis. However, saving for the future is essential if you want to accumulate wealth and retire comfortably. The first, most basic step to <a href=\"https:\/\/www.shortform.com\/blog\/how-to-start-saving-money\/\">start saving money<\/a> is to identify where you can (realistically) cut your spending\u2014your unnecessary expenses.<\/p>\n\n\n\n<p>In this article, we&#8217;ll discuss why people often avoid saving for the future, and how you can get started.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">Saving Money: The Struggle Is Real<\/h2>\n\n\n\n<p>Author David Bach argues that financial freedom doesn\u2019t come from <em>how much you earn<\/em>, but <em>how you manage your earnings<\/em>\u2014if you\u2019re not saving your money with your current income, you\u2019re unlikely to save it in the future. This is because people often increase their spending in line with their income and always have an excuse to avoid saving for the future. The result is that many people miss out on a huge opportunity to enjoy financial freedom.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Why Do We Often Avoid Saving for the Future?<\/strong> <br><br>Bach believes we struggle to save money simply because we\u2019re tempted to spend all of our money before we get a chance to save. But, according to Ramit Sethi, author of <a href=\"https:\/\/www.shortform.com\/app\/book\/i-will-teach-you-to-be-rich\/introduction\"><em>I Will Teach You to Be Ric<\/em><\/a><em>h<\/em>, there\u2019s a more complicated psychological reason underlying this tendency. Sethi argues that people tend to avoid planning their future finances due to:<br><br><strong><a href=\"https:\/\/www.shortform.com\/blog\/choice-overload\/\">Decision paralysis<\/a>: <\/strong>When someone is presented with <a href=\"https:\/\/www.shortform.com\/blog\/too-many-options\/\">too many options<\/a> for how to save, they feel too overwhelmed to <a href=\"https:\/\/www.shortform.com\/blog\/be-decisive\/\">make a decision<\/a>.&nbsp;<br><br><strong>Blaming the system: <\/strong>They choose to focus on economic disadvantages that they can\u2019t control. For example, they believe that those born into privilege have more financial advantages than they do and develop a \u201cwhat\u2019s the point\u201d mentality.&nbsp;Sethi advises you to switch your focus away from information-gathering or your disadvantages and start taking small proactive steps towards <a href=\"https:\/\/www.shortform.com\/blog\/achieving-financial-success\/\">financial success<\/a>.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Stop Wasting Your Money<\/strong><\/h3>\n\n\n\n<p>Bach explains that the first step to saving millions over the course of your life is focusing on how much you <em>spend<\/em>\u2014specifically, where you\u2019re currently wasting your money.&nbsp;<\/p>\n\n\n\n<p>(Shortform note: Bach understands that it\u2019s not easy for everyone to increase their income, which is why he encourages you to focus on saving money <em>regardless of<\/em> your current income. If you do <a href=\"https:\/\/www.shortform.com\/blog\/how-to-increase-your-earnings\/\">increase your earnings<\/a>, Bach suggests that you funnel this extra money into your savings accounts instead of spending it. In contrast, Sethi advises that you <a href=\"https:\/\/www.shortform.com\/app\/book\/i-will-teach-you-to-be-rich\/chapter-9\">maximize your earning potential<\/a> so that you can spend more money on what you want while you increase your savings.)<\/p>\n\n\n\n<p>Bach claims that we all waste money on small expenses that add up over time, such as the snacks you buy on your way to work, the unnecessary items you pick up when you go shopping, or the subscriptions you pay for but don\u2019t need. For example, a Netflix subscription might seem like a small expense because you\u2019re only paying $8.99 a month, but it adds up to $107.88 per year.<\/p>\n\n\n\n<p>The sooner you identify your unnecessary expenses, the sooner you can eliminate them and put the money you save towards building long-term wealth. Bach suggests the following exercise: Track all of your expenses over the next few days and identify where you\u2019re spending your money. If you tend to use your bank card more than cash, examine your bank statements.<\/p>\n\n\n\n<p>Once you\u2019ve collated all of your expenses, consider if there are any expenses that you can cut out or reduce. For example:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>If you\u2019re buying coffee on the way to work, consider making coffee and putting it in a flask.<\/li><li>If you\u2019re eating out every day, consider preparing and packing your lunches.<\/li><li>If you\u2019re buying bottles of water, consider filling a bottle with filtered water before you leave the house.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Choosing the Right Expense-Tracking Practice for Your Needs<\/strong><br><br>In his book, Bach suggests you track your expenses for a few days to figure out where you&#8217;re wasting your money. However, this isn\u2019t going to give you a <em>complete <\/em>picture of how you spend your money month by month, especially if you have irregular spending habits. To track all of your expenses over the long term, he recommends the <a href=\"https:\/\/mint.intuit.com\/\">Mint app<\/a>.&nbsp;Sethi also recommends that you use similar apps to track your spending. However, in contrast to Bach\u2019s argument that you should track with the goal of eliminating <em>all<\/em> unnecessary expenses, Sethi suggests that you track with a focus on <a href=\"https:\/\/www.shortform.com\/app\/book\/i-will-teach-you-to-be-rich\/chapter-4\"><strong>spending mindfully<\/strong><\/a>. Split your expenses into four areas, decide in advance how much you want to spend in each area, then allocate a portion of your income to each:<br><br>Fixed costs (rent, living expenses)Investments (savings and retirement)<br>Savings goals (vacations and large expenses)<br>Guilt-free spending (anything that makes you happy).<br><br>He argues that this process is more effective than budgeting or eliminating expenses because you don\u2019t waste <a href=\"https:\/\/www.shortform.com\/blog\/how-to-track-your-time\/\">time tracking<\/a> where each dollar goes. In addition, you give yourself permission to spend a portion of your income in any way you wish, even if that includes unnecessary expenses. While this goes against common financial advice, <br><strong>you\u2019re more likely to stick to your <a href=\"https:\/\/www.shortform.com\/blog\/goals-change\/\">financial goals<\/a> if you don\u2019t feel like you\u2019re constantly depriving yourself.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Invest in Your Future First<\/strong><\/h3>\n\n\n\n<p>Before you continue reading, you should have a clear idea of how you\u2019re currently spending your money, a plan to eliminate unnecessary expenses, and have decided on a specific amount you\u2019re willing to redirect towards your savings accounts. Now, we\u2019ll explore <em>why<\/em> you should prioritize paying towards your savings before you pay for anything else.<\/p>\n\n\n\n<p>According to statistics, the average American saves less than 5% of her earnings and one in five Americans don\u2019t save at all. Why is it so difficult to save money? Many people add to their savings accounts as and when they have unspent money in their checking accounts. Bach argues that this doesn\u2019t work because no matter how well-intentioned you are, more often than not you\u2019ll find reasons to spend your money and won\u2019t have anything left to put into your savings accounts.<\/p>\n\n\n\n<p>(Shortform note: Furthermore, and perhaps even more worryingly, people tend to increase their spending the more they earn due to a phenomenon called \u201c<a href=\"https:\/\/www.investopedia.com\/terms\/l\/lifestyle-creep.asp\">lifestyle creep<\/a>.\u201d The more they earn, the more entitled they feel to spend their money on things they formerly viewed as treats or luxuries. This increase in spending happens incrementally, so it\u2019s often difficult for people to realize that they\u2019re spending more and more on things they once found unnecessary. This is why Bach insists you should start saving regardless of your income.)&nbsp;<\/p>\n\n\n\n<p><strong>Bach explains that the only way to improve your financial security is to<\/strong> <strong>arrange to automatically save a portion of your income <\/strong><strong><em>before<\/em><\/strong><strong> you even have a chance to spend it<\/strong>. He claims that you\u2019ll quickly get used to living without this money, and you won\u2019t need to rely on sticking to a budget to build your financial security.<\/p>\n\n\n\n<p>(Shortform note: Dan Ariely, behavioral economist and author of <a href=\"https:\/\/danariely.com\/books\/predictably-irrational\/\"><em>Predictably Irrational<\/em><\/a>, offers clarity on <em>why<\/em> you\u2019re more likely to <a href=\"https:\/\/www.shortform.com\/blog\/financially-secure\/\">achieve financial security<\/a> by <a href=\"https:\/\/www.shortform.com\/blog\/automate-your-finances\/\">automating your finances<\/a>. His research reveals that <strong>your emotions impact your spending decisions<\/strong>. You\u2019re more likely to make <em>irrational spending decisions<\/em> when you feel emotional\u2014in other words, when you see something you really want and feel an emotional urge to possess it. Your emotional side overpowers your rational side, and you\u2019re less able to think about the consequences of your decisions. Automating your finances eliminates this possibility: You predetermine how your money is \u201cspent.\u201d so your rational side doesn\u2019t have to fight with your emotional side about it.)<\/p>\n\n\n\n<p>Bach suggests that you should aim to save at least 10-15% of your gross (before tax) income. For example, if you earn $20,000 a year, you should aim to save at least $2,000 a year which works out to $5.48 a day. &nbsp;(Shortform note: In contrast to Bach, many experts agree that <a href=\"https:\/\/money.usnews.com\/money\/personal-finance\/saving-and-budgeting\/articles\/how-much-should-i-save\">you should aim to save at least 20% of your gross income<\/a>. So, if you earn $20,000 a year, you should aim to save at least $4,000 a year which works out to $10.96 a day.)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Do you struggle to save money? Can you think of some things you buy on a consistent basis that you could do without? How much money could you potentially save by cutting out your unnecessary expenses? Many people struggle to save money on a consistent basis. However, saving for the future is essential if you want to accumulate wealth and retire comfortably. The first, most basic step to start saving money is to identify where you can (realistically) cut your spending\u2014your unnecessary expenses. In this article, we&#8217;ll discuss why people often avoid saving for the future, and how you can<\/p>\n","protected":false},"author":7,"featured_media":47481,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7,31,42],"tags":[525],"class_list":["post-52333","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-lifestyle","category-money","category-motivation","tag-the-automatic-millionaire","","tg-column-two"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.3 (Yoast SEO v24.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Start Saving for the Future - Shortform Books<\/title>\n<meta name=\"description\" content=\"Saving for the future is essential if you want to build wealth and retire comfortably. Here is why we avoid it and how you can get started.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.shortform.com\/blog\/saving-for-the-future\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Start Saving for the Future\" \/>\n<meta property=\"og:description\" content=\"Saving for the future is essential if you want to build wealth and retire comfortably. Here is why we avoid it and how you can get started.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.shortform.com\/blog\/saving-for-the-future\/\" \/>\n<meta property=\"og:site_name\" content=\"Shortform Books\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-17T11:10:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-10-26T13:42:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/s3.amazonaws.com\/wordpress.shortform.com\/blog\/wp-content\/uploads\/2021\/08\/savings-bank-save-money-.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"749\" \/>\n\t<meta property=\"og:image:height\" content=\"454\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Darya Sinusoid\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Darya Sinusoid\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.shortform.com\/blog\/saving-for-the-future\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/saving-for-the-future\/\"},\"author\":{\"name\":\"Darya Sinusoid\",\"@id\":\"https:\/\/www.shortform.com\/blog\/#\/schema\/person\/0421cce75bc249b11e2517b3a91f9c46\"},\"headline\":\"How to Start Saving for the Future\",\"datePublished\":\"2021-10-17T11:10:00+00:00\",\"dateModified\":\"2021-10-26T13:42:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/saving-for-the-future\/\"},\"wordCount\":1412,\"commentCount\":1,\"publisher\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/saving-for-the-future\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.shortform.com\/blog\/wp-content\/uploads\/2021\/08\/savings-bank-save-money-.jpg\",\"keywords\":[\"The Automatic Millionaire\"],\"articleSection\":[\"Lifestyle\",\"Money\",\"Motivation\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.shortform.com\/blog\/saving-for-the-future\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.shortform.com\/blog\/saving-for-the-future\/\",\"url\":\"https:\/\/www.shortform.com\/blog\/saving-for-the-future\/\",\"name\":\"How to Start Saving for the Future - Shortform Books\",\"isPartOf\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/saving-for-the-future\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/saving-for-the-future\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.shortform.com\/blog\/wp-content\/uploads\/2021\/08\/savings-bank-save-money-.jpg\",\"datePublished\":\"2021-10-17T11:10:00+00:00\",\"dateModified\":\"2021-10-26T13:42:57+00:00\",\"description\":\"Saving for the future is essential if you want to build wealth and retire comfortably. 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