Have you ever had a hard time saving? Maybe you just weren’t into it very much, or you felt like you had no money to spare.
Or, if like me, you feel like you have competing priorities. Everything is trying to capture the attention of your last remaining dollars.
But there is one simple trick to help motivate you to start saving:
Think of it as being in debt to your future self.
In actuality, you are in debt to your future self. Your future wants to be taken care of and better than your present, so it behooves you to start saving today.
Every day that you don’t save, you are losing out on interest. You are cheating your money from the beauty of time — the power of compound interest.
How many times have you gotten yourself in a situation, where you wished you had more money saved? (raises hand). Yeah.
Hindsight is always 20/20, but this is a message from your future self. SAVE MORE. Yes, you. Even more than you thought.
Why? Because life isn’t perfect. Life doesn’t go as planned. Things happen. You want to be prepared for anything life throws at you, instead of panicking at the situation at hand, ON TOP of then worrying about how you have no money, riddled with the fact you may have to take on debt.
Why This Trick Works
For the past few months, I’ve been insanely passionate about getting out of debt. I’m paying over $2,000 per month so that I can be debt-free in a year. I am so inspired and ready to be done! Yet, this sort of fervor isn’t commonly displayed for saving.
Saving seems boring and like a chore. This trick works because it shifts your money mindset — saving is no longer something you “should” do, but it’s something you have to do.
You don’t want to default on your future self, do you? You don’t want to deal with creditors Worry, Panic, and Distress, right?
I didn’t think so.
So get started today and save more. Make your savings rate just a little uncomfortable. It’s good for you, I promise. Comfort zones are where progress goes to die.
You better believe I don’t feel comfortable throwing so much money at debt, but at the end of the day, it also gives me a subversive thrill.
I know that I’m doing something that most people won’t do. In some cases, can’t do. And you can do the same, with your savings.
The thing about saving is that the money is still there. It doesn’t go anywhere. It’s just stashed away and ready for you, but it’s not actually lost.
I feel like many people feel anxious about saving money because it feels like letting go of something tangible. But it’s still there! And it will be yours, if you need it.
So, if you want to start saving, think about how much debt you are in to your future self. Think of all the years you owe someone else, working on their time just to make a dime.
Think of the precious moments of your life that are taken away because of financial worry.
THERE IS A BETTER WAY. And it starts with a commitment to save and to save more than you think you need. Your future self will thank you.
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24 comments
Some great observations. No doubt that you have to adopt a different mindset to deal with the challenge of acting today to enjoy a better tomorrow. As you note at the end, your future self will thank you. Indeed!
Exactly! You need to think differently to make real change.
You said one thing that stood out to me, which is competing goals, and something Im really struggling to figure out. Do I invest in myself personally and professionally by buying certain things, or do I kind of give up on that and just be frugal. Right now it seems I can’t have both, or I better get real clever real quick. lol! I’ll let you know when I have it figured out, because I completely believe what you wrote is so true!
It’s a really tough balance. Although I am primarily focused on paying off debt, I still save something. I think you can invest in yourself, but still continue to save and be frugal in other areas.
I think Tonya hit on a really frustrating part about money-there are so many things pulling at us in so many different directions. It can be a bit overwhelming. AND-you WILL Be debt soon-I can feel it!!
It’s tough, but it’s all about finding that elusive balance. I’m working on being debt-free girl!
I think it’s so easy to lose focus on the future when you have so many immediate decisions to make day in and day out. It’s a great point, though, to keep your future self in mind. I certainly wish the past me made better decisions and I think about that a lot as I have changed my money mindset. Now that I know better, I need to do better.
Totally! It’s hard to think of the future when it’s hard to get by today. But I keep thinking that I want my future self to be better than my present self and if I want that to happen, I need to take action.
I definitely feel like we’re in debt to the future because we’re saving for $25,000 of dental implants. No matter how much we’ve saved over the years, I never felt like we had savings but instead just that we were building the teeth fund.
I’ll be incredibly excited when we’re done there. Then I can pay my future self by ramping up IRA savings.
Competing goals have been a problem for me, too. Between paying off student loans, having a car payment now (and saving up for that), and saving for retirement, it’s a bit too much. However, I have the opposite problem – I love to save. Obviously paying off debt is the best thing to do, but I always worry about the money being “lost” (as you said) once it’s paid. I’ve been a fan of keeping more than enough in my emergency fund, but at the end of the day, getting out of your comfort zone IS what’s going to help. Hence my big debt payment this past month. 😉
Way to go!!! Motivation is so powerful. However you can motivate yourself to get out of debt is priceless. I’m a big believer in what you focus on expands. I think all this focus on your debt repayment is helping you crush it. I’m so happy for you!!
Paying off debt is my priority, but I do save also. It’s amazing how quickly savings add up! I checked my 401k balance yesterday & was happily surprised. It’s still too low for someone my age, but it’s growing.
I totally love this one! We should start saving today so that our future will thank us. I can’t wait to be debt free by less than a year hopefully.
Debt free in a year??? Awesome! I’m starting grad school in the Fall and my wife is already in grad school. It’s hard for me to imagine being debt-free anytime soon. For now I’m focused on paying down our undergrad loans and avoiding getting in more debt for my MBA.
It’s so much easier to want to pay off debt than put money in savings, but both are so important. Great idea and way of looking at saving Melanie!
Yes it’s key to do both!
“Comfort zones are where progress goes to die.” I love that, because it’s so true.
It is! You have to push yourself every day!
This is an interesting take on it! Mindsets are so powerful, so just changing the way you think about a situation can completely alter how you’re inspired and motivated to act. Thanks for sharing this idea — and that line about where progress goes to die. Love that 🙂
For me, mindset is EVERYTHING in personal finance. We are emotional creatures, so how can we psych ourselves up to actually save and do the right thing?
I really enjoyed reading your post. Saving money and paying off debt are two very important things but can be a struggle to do them both.
Thank you for sharing! Keep up the good work.
Thanks! Glad you enjoyed!
Saving money is my ultimate goal especially I’m in a marrying stage now. I’m already 28 and I feel like every time I attempted to save nothing happens. I still end up wasting money on gadgets and clothes even night life.
This article is a big help and I love reading your blog posts.
Thanks! It’s a process, but keep trying. Spend on your values and keep saving!