NECESSITIES OF SAVING

This year my husband and I went from being ‘DINKS’ (Double Income No Kids) to ‘SINKS’ (Single Income No Kids). Lol!  Being a small business owner in their first year means that pretty much any money the business generates we’re throwing back into the business so that it blossoms and blooms for us.

Today I thought I’d share some of my saving tips.  Whilst it is a lot harder to save, I find that because we have less money I’ve focused my attention on the importance of reducing debt and saving, whereas previously I didn’t think about it too much and that would have come to our detriment when we reached our later years in life.

Here are some key tips to surviving a reduction of income:

  • Treat yoself!  I know I probably shouldn’t write this as the very first one, however maintaining sanity is very important!  Now that your income is less it means you’ll be doing less fun activities that require money.  So, give yourself the permission to treat yourself once in a while by either buying a take out once a fortnight, or if you receive some unexpected income perhaps put 75% of it towards your savings and treat yourself with a night away or an expensive face cream you’ve been wanting with the other 25%.  If you’re not cashed up enough for take away or nights away then treat yourself by doing something free in your city
  • The importance of inner work.  Your body is now your number one money maker and you need to be the fittest mentally and physically than you’ve ever been.  The last thing you want to be doing is putting yourself out of action due to illness or mental exhaustion.  Spend quality time doing things that relax you such as spending time with your family, being creative or simply sleeping!
  • Categorize.  I found setting up different bank accounts for things such as bills and emergency funds really helped maintain a focus and let me know how far I need to go to achieve a goal
  • Acceptance.  Being able to accept your current situation and not pine after your richer days is a great asset to have.  This will help you stay in the present moment and focus on what needs to be done
  • Automation.  When you have over a million things on your mind the last thing you need to do is think whether you’ve paid a bill or transferred money into your savings.  Automating payments has been a great help to stay on top of bills so that they get deducted when it’s due.