Developing a Saving Mindset

[Nomad]

One of the reasons why a lot of people say they cannot save is because they have low income. Actually, saving has less to do with your income and more with your mindset. You can earn $1000 a month and still save 20 percent, or make twice as much and save nothing. Saving depends on your spending habits. Many people try to save after paying bills or spending money, however, that’s not how saving works. The smarter way is to save first, before you start paying bills, for example, you can put aside 10–20 percent of your income immediately after getting paid, then manage your needs with whatever is left on your hand.

 

[Fidelia]

Having a savings mindset comes with the understanding that you don't have to eat everything that you earn.