How To Build The Savings Mentality

Perhaps the most important part of saving money is developing the habits and the mindset necessary to do so over a long period of time. One part of savings is the mechanics of it, which involve calculating a budget based on your income and spending and what can be deferred to savings. The other part of it is the mental side, which involves a great deal of discipline and persistence. Having success in the latter typically takes the development of a savings mentality.

This simply involves a person having a firm understanding of how to save money, as well as being grounded in their desire to save money. These habits are something that anyone can build, and here are some tips for developing the savings mentality.


In budgets, it is common for people to simply accept that they will have to defer a certain amount of money to entertainment and fun activities that they may get invited to with friends and family. This does not necessarily have to be the case for people with a good savings mentality, however, as they are often able to find cheap or even free alternatives that can help preserve one’s social life while saving an extra amount of money.


In the digital age where products can be purchased online in an instant, it is key to be able to resist the urge to spend impulsively, as this can put a major dent in your savings account. One way to fight this is to apply a “3-day rule” before purchasing anything from the internet. This method consists of spending 3 days pondering the necessity of buying the item before you actually pull the trigger. Making a habit of this should make sure you are not buying anything emotionally and impulsively.


It is easy to commit to a budget in your head, but with digital accounts, things can get messed up and disorganized making it easier to break the rules of your budget. A way to get around this is to physically make budgeting categories through envelopes filled with the amount of cash that you intend to use for each category.

Cash has its drawbacks, but it is far easier to keep track of in terms of spending. Having a better awareness of your spending will help you clarify the areas in which you can be saving more money.


We all love a good challenge. The no-spend challenge is where you must try to go as long as possible without spending anything outside of your most essential needs. The challenge can be fun if you get others to compete against you, but taking part in it also can open your eyes to how far you can go without spending too much money.