In the past, I’ve written about self-esteem.
What does self-esteem have to do with money and savings though?
Well, as David Chilton explains in his book “Wealthy Barber Returns” everyone around you is trying to get you to spend.
I think in order to save successfully, you need to be able to say NO.
Have the discipline to say NO to the latest trends, the newest gadgets, and eating out and going out all the time. It’s nice to live in the moment, and treat yourself- but in moderation.
Be content with what you have, find alternatives, reuse things, and reduce your consumption. At first, changing habits may seem like a sacrifice, but living within your means will eventually lead to less stress since you’re not living paycheck to paycheck.
Another reason having healthy self-esteem will help you save money is because you’re less likely to compare yourself to other people. It’s natural to want what other people have, and it’s especially easy to compare yourself on social media. I think a little competition and envy is healthy. I don’t want to settle, so I want to work hard. But I have to keep my jealousy in check. Everyone has barriers, and everyone comes from different backgrounds and nobody is perfect. I also like to remember that most things online are not as great as they appear. It takes work and perfect lighting to make images look great. People always choose to show their best side on social media, maybe even an inflated version of their best side. And why wouldn’t they?
So if you’re trying to save and don’t know where to start, a good step is a self-check in. How are you feeling about yourself? Who are you following online? Are you trying to keep up with the Joneses?