Finance

Questions

How can you make the habit of saving money addictive? How can you gamify it? All the payment apps and credit cards sure have made spending money addictive, but what about the opposite?

Why can’t most people save money, especially in this age of instant gratification?
Saving money and building wealth, much like staying healthy, is boring. Who would want to be with someone who doesn’t dine out every other day? However, trying to impress your friends or “looking exciting and successful” comes at a cost that can catch up with you in the future.

Credit Cards

Have a separate checking or savings account for your credit card expenses. At the end of each week, review your credit card expenses. Transfer that total amount to this dedicated account and avoid using it for anything else; use it only to pay off your credit card dues. This approach allows you to know exactly how much cash you have available, preventing you from spending more than you have.

Recommendations

The Psychology of Money by Morgan Housel is not a book for those seeking quick riches. Instead, it focuses on keeping you grounded and humble.. in all aspects of life.

I have not read I Will Teach You to Be Rich by Ramit Sethi, but it offers a solid strategy for building wealth slowly. Whenever you get paid, invest 10-15% of that amount and save 10%. You can obviously adjust the percentages depending on your current financial situation.