Tips to overcome 3 common savings hurdles

January 23, 2020

The ability to save money could come down to a psychological or mental hurdle. Our banking expert shares money saving tips to help you rethink the act of saving.

 

When it comes to saving, your mindset matters. We talked to Linda Wu, consumer savings product manager at U.S. Bank, about how to rethink common savings hurdles.

 

Hurdle 1: I need more money or income before I can start saving.

"Some people don't feel as though they have anything to put away," Wu says. "Or they believe their income can't sustain regular savings goals while paying their fixed expenses."

The helpful reframe: 

Any amount of savings is a step in the right direction. “It really doesn’t matter how much. You have to start somewhere,” Wu says. “And then the act of starting becomes an act of continuing and adding and building. Like working out or eating right, that accomplishment feels good and makes you want to keep going.”

 

Hurdle 2: I can't start saving until I pay down all my debt.

"Paying down debt is important – especially since even the highest savings rates out there will likely be lower than any interest rate on debt," Wu says. "But even more important is starting or adding to your emergency fund."

The helpful reframe: 

Find a way to balance what you’re paying off in terms of debt with what you’re putting away in savings. Or get really honest with yourself about what you can live without until you’ve at least saved enough to cover a month or so worth of expenses.

 

Hurdle 3: Saving just feels like another bill I have to pay.

"For some people, the practice of saving feels like having money disappear," Wu says. "That can be very discouraging."

In fact, many savers find pleasure in having more money in the bank and experience pain when they have to spend money. Spenders, on the other hand, feel positive in buying things while experiencing discomfort in having to delay gratification.

The helpful reframe: 

If you’re someone who gets positive biofeedback from spending (as opposed to saving) money, there’s still hope. You just need to find a way to make your savings more tangible, like visualizing what you’re saving for (a new car or fun vacation).

 

Ready to learn more about how you can save? Read on for 3 tips for saving money easily.

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