She Strengthens

Breaking Free from Financial Inertia

As I reflect on my financial journey, I realize that paying off debt and building an emergency fund are tangible goals that motivate me to take action. However, saving money for myself is a different story. It’s easy to get caught up in the instant gratification mindset, where small amounts seem insignificant compared to larger sums.

The Struggle is Real

My biggest financial habit is not saving unless it’s a “significant” amount. As a freelancer, my income is irregular, and I fear overdrawing my account. I’ve fallen prey to transferring money back to my checking account when it gets low, only to reach the federal limit on transfers. This vicious cycle has led to months where I haven’t saved a dime.

A Lucky Upbringing

Growing up, I didn’t prioritize saving because I had a good part-time job and didn’t have to pay my way. I saw my savings as easily accessible money, an extension of my checking account. This mindset has been hard to shake off.

Small Steps Add Up

To overcome my laziness, I’ve adopted a few habits. Firstly, I use the Digit Savings App, which transfers small amounts from my bank account to my online savings account based on my spending habits. This way, I’m saving without having to think about it.

Mindful Measures

Secondly, I’ve started transferring money into savings whenever I don’t spend it. For instance, if I cook at home instead of eating out, I transfer the saved amount into my savings account. This habit helps me appreciate the value of small amounts adding up over time.

Paying Attention to Spending

Lastly, I’m considering paying my credit card bill more frequently, perhaps weekly, to curb frivolous spending and stay on top of my finances. By doing so, I’ll be more mindful of my spending habits and able to save small amounts more often.

Progress Over Perfection

My goal is to set up automatic savings transfers and forget about it, but I’m not there yet. What’s important is that I’m taking small steps towards breaking free from financial inertia. By acknowledging my weaknesses and adopting mindful measures, I’m one step closer to achieving financial freedom.