By Chinkee Tan
In my years of counseling people in the handling their money, one of the greatest challenges is to be CONSISTENT.
It is so easy to start something. However, it is so difficult to be consistent. It even becomes more difficult especially when we have more than enough, as we will always think and feel like we can afford anything we want to buy.
However, an effective financial manager is always CONSISTENT about handling money. Being consistent is key to building good money HABITS. Quite often, we fail when it comes to consistency due to several reasons.
In order to become financially consistent, here are two steps you need to consider:
1. Put a bit of money away every month and then don’t touch it. Decide on an amount that is workable and achievable for you. It doesn’t have to be a big amount.
What matters is that you CONSISTENTLY follow and commit not to touch it unless for its intended use. In doing this, we get to practice the discipline of compounding and eventually reap its many benefits. That is the reason why I started a 52-week “Ipon Challenge” to people who want to learn how to save consistently.
The key to successful way of saving is developing the habit of consistency. Saving is not only about money but it is all about developing the habit of saving.
You must first form the habit then the habit will now form you. (If you want to know more how to develop the habit of saving, please read my book “My Ipon Diary”)
2. Regardless of what you’re investing in, consistency should still apply. Whether it is for your personal savings, education fund, health care fund, retirement, or a business investment, what is vital is being able to follow through what you initially committed to set aside.
Know that there will be days you might be tempted to use the money you put aside especially during sale season in the mall, summer vacation, or special occasions when you want to reward yourself. Rewarding yourself is also a good motivation. So you may want to consider putting aside a separate amount intended for rewarding yourself at the end of a prescribed period. It is sure fulfilling if you are able to achieve the target you desire.
Remember, it is not about how much we put aside. It is always about how good we are at being consistent.
THINK. REFLECT. APPLY.
What do you want to save up for? How much amount would you be willing to set aside every month? When can you start putting aside money for your savings?
QUOTE
“Saving is not only about money but it is all about developing the habit of saving.”
