Do You Stand in the Way of Savings?

The other day I was walking with my wife through our local mall. The crowd was thin, unlike Christmas time when we frequently have to sidestep children, walk around throngs of people at kiosks, and generally wait for lines to clear in order to checkout. We were on a mission for maternity clothes. We window-shopped, until we found the right buy. We stepped out of the way and managed to leave the mall with the one purchase we intended.

In the past, a trek to the mall would have meant hours spent browsing various shops, coupled with a latte, popcorn, or some other unnecessary treat. Now that we have a financial goal — a course set for ourselves — we tend to think less of what to buy and more about what not to buy.

Necessities like food, clothing, shelter will take center-stage. In our budget, we allot for monthly expenses related to clothes. Since my wife is pregnant, it makes sense that she’ll need to purchase maternity wear. We don’t have to buy the most expensive, but we do need something to get by.

So this begs the question. How often do we stand in the way of saving money? Do we reach for a coupon, forget to stow away money each week in a savings account, or otherwise hinder our saving goals? I’ve recognized a few ways I step in the way, and block my attempts to stick with a budget.

Always buying new. It’s a habit, really. I can’t seem to separate myself from the idea that quality comes with new. I’ve had to reform this belief and realize that many used goods can be just as valuable as their new counterpart. A classic example would be a used piece of furniture.
Not looking for deals. Let’s face it. We’re all busy people. Looking for a coupon might only take a few minutes, but I don’t have it to spare, right? The advent of the internet quelled this belief. I now step online for a minute and Google the product/service. Most of the time I find a deal, coupon, or better product at a better price.
Putting off Saving Money. I still fall into this category, although it’s become easier since my wife has our first child coming. I need to save money on every paycheck. It becomes hard when bills pile-up and it’d be easier to just pay off the credit card companies. Even 5% of income, until debt has been paid off, can go a long way towards annual savings.
Believing More Money will Come Along Soon. I suffer from this delusion. It’s a passive thought process that a.) I’ll start earning more money with a promotion or b.) a big break will occur that unloads a truckload of wealth into my lap. These lottery fantasies have to go. If I want to succeed with a financial plan, I need to have a perspective of now. I can’t rely on money I don’t have.