How do you start saving?

There are some basic ways to save regardless of your age. Of course, if you are young and just starting out, adopting the right habits will benefit you immensely, perhaps even for your entire lifetime.

Saving must be a conscious decision you make that requires long-term discipline.

Most people want everything instantly, which has caused Canadians to reach for credit to supplement their lifestyle. With the rising rates today, many are beginning to panic and wonder if they really needed all the indulgent toys that have now got them into debt.

Money is emotional and people spend for different reasons.

Aside from basic living, we tend to spend on instant pleasures in the present when we should really be saving and delaying that gratification for the future.

Children want things now, but adults should be mature enough to wait. Another way we get into trouble is when we overcommit ourselves because we don't want to say no and disappoint others. People-pleasers have a habit of saying yes when they know they should say no.

Now before you send me emails saying that it is impossible to save in today's economy, according to global economic data, Canada is one of the top 10 richest countries in the world. We are a fully westernized country with an economic platform to provide those Canadians who want wealth to prosper in a culture and economy that encourages innovation, education, and equality.

You all know that in order to achieve anything that's important to you, you need precision focus and a dedicated, wellthought-out plan. So, let's get started together.

First, to become a saver, you need to take an inventory of all the things you say yes to and ask yourself if it's possible to start saying no. You don't always have to decline, but even saying no more often will help get your finances in order and create a new habit of saving.

Second, you need to become personally responsible for your current situation. Get a journal and start “brain-dumping” your ideas on paper — ideas of ways you can save, reduce expenditures, increase your income and improve your situation. No one can do this for you. Critical thinking demands that you operate from an objective reality, and the reality is that only you can rescue yourself from debt. Stop thinking that refinancing your mortgage will rescue you. You must take control and create saving habits.

Third, endure some suffering. Keep your car for longer — or better still, sell it for a more economical one. Move to a less expensive home or rental, give up costly habits, take your lunch to work, stop using your credit card without budgeting for purchases. You get the idea.

It is indeed difficult to break old habits and implement new ones. Just because you decide to stop spending doesn't mean you won't want to. If you're going to save that first $50,000, you have to learn to say no to yourself and yes to keeping the money in your bank account.

When you are tempted to revert to your old spending ways, remember your goal and replace your suffering with a pride in knowing that you're working toward reaching your goal of lowering your debt or building an emergency fund. Think about it — if you are already suffering with debt and personal defeat now, why not suffer by making the right changes on your way to victory?

Christine Ibbotson is a finance writer, radio host and Youtuber. Check out her Youtube channel: Ask The Money Lady — Your Canadian Finance Coach. info@askthemoneylady.ca