5 savings tips from a leprechaun
There are many things people think when Saint Patty’s day comes to mind; wearing green, kissing an Irishman, four leaf clovers, etc. But before you spend a ton of money this St. Patrick’s Day on green beverages or an impulse purchase of a kilt, perhaps take a page from the leprechaun’s book on spending with these simple finance tips.
- Make a date with your money
The humble leprechaun spends his free time counting the pot of gold he is protecting, and you should do the same. Well, maybe not to that extent, but setting up a specified time of the week to update budgets, review accounts and track your savings progress is crucial to achieving your financial goals. Like any relationship, you have to spend time with your money, but perhaps a little less than a leprechaun might.
- Work more
By staying busy you have less time to even think about spending. This doesn’t necessarily mean getting a second job, which absolutely can help with financial goals, but can simply mean just staying active. Did you know that leprechauns cobble shoes when not guarding gold? He simply doesn’t have the time to spend even a single coin from that pot, and you can do the same.
- Stay isolated from fads
Every once and a while there is a new spending trend. Something people don’t need, but buy due to the influence of their peer group. An example of this trend would be the most recent hoverboard craze. While rolling around on the ground on a two wheeled potentially explosive device may not be your cup of tea, it perfectly sums of the subconscious ‘I need that too’ mentality that the media can create within us all. The social temptation to spend doesn’t affect all of us, but can be easily avoided by simply avoiding the trend that is driving the spending. This doesn’t mean you have to hide from everyone like the leprechaun, but just identify a threat to your savings and distance yourself.
- Goal orientated saving
Saving becomes a lot easier when you don’t think of is as storing money away. Whether your goal is a down payment on a house or a trip to the Caribbean, the way you view your savings can change the rate in which you save drastically. When you see your pot o’ savings growing and growing it can be easy to dip into it for other expenses. Try not seeing it as money, view it as progress bar toward your goal. Not as dollars and cents but as a growing percentage toward that house or trip.
- Automate your savings
Your ability to make savings automatic is enough to make any leprechaun jealous. Piggybacking on the last point, when you put money into a saving account with the mindset of goals you are less likely to spend it. Now with the ability to automatically transfer a percentage of deposits into most accounts and you are on your way to never reaching into your savings pot o’ gold.
I am not qualified to speak on the existence of Leprechauns, though many believe that they do. But while their presence is only questioned around this time of year, the financial lessons taken from them are applicable year-round. Remember saving effectively is all about having the right mindset, not chasing rainbows. Be safe this St. Patty’s Day!