Amazon now sells a wristband by Pavloc that sends out an electric shock to help break bad habits such as unhealthy eating, nail biting, smoking and more. This device is connected with an app that says they can help break those habits in as little as ten days. This can even help break bad spending habits and get you closer to that down payment for a house. Effective, maybe so, but if the idea of a 340-volt shock to your wrist is appalling to you, why not try these three techniques that will send shockwaves to your bank account instead.
Track your spending
Many people have no idea where all their money goes at the end of the month. If you cannot see where it is going, you miss out on simple adjustments that can be made such as: one less trip to Starbucks, ordering takeout rather than paying extra for a delivery service or the fact you may be signed up for subscriptions you don’t even use. Those minor adjustments can help you save more each month. There are plenty of apps out there to help you track. So stop playing Russian roulette with you debit card and get ahead of your spending.
Don’t adjust expenses with pay increases
Just because you make more does not mean you have to spend more. By keeping your expenses the same over time, you will have more surplus to contribute towards paying down debt or adding to savings. So just say no to the new car, wardrobe revamp or expensive vacation and yes to getting close to that new home you have been wanting.
Practice delayed gratification
Delayed Gratification is not for the faint of heart. That new iPhone or item on Amazon will always look more attractive than small credits to your savings account. With that in mind, find ways to help you visualize and track progress towards your goals. Tools such as a vision board of your dream home, a savings tracker on your wall or an app that displays progress to goal are extremely useful in helping you stay motivated to SAVE instead of SPEND. Just remember, that new iPhone quickly becomes outdated with the yearly release of newer iPhones, but the home you buy will only build more memories with time.
If you have any further questions on how to set yourself up for success in buying a home, give us a call today. Also, if you know anyone ready to purchase or sell a home today we would love to help 678-921-1470.
– Written by Amber Vaughan