How to enjoy saving and spending money

How to save money while still enjoying your money

In this episode, we’ll explore why saving your money in a (piggy)bank isn’t always the best move, especially with inflation slowly, but surely eating away at your cash stash. You might think the bank is the safest spot for your savings, but I’ll explain why you should always be wary of the banking system.

IN THIS EPISODE WE’LL EXPLORE:

Rethinking Savings: Discover why traditional savings accounts might not be the best guard against inflation
Save By Investing: Yes, it can be done! Most investment options don’t require a hefty deposit to start.
Not Trusting Banks: Understanding your relationship with financial institutions and how to protect your assets.
Financial Literacy: Why investing in self-education around money plays a big role in growing your wealth.
Money Action Plan: A step-by-step approach to taking control of your finances and making them work for you.

How to change Your Relationship with Money

In this episode of the Money Mindset Podcast, we dive deeper into what it truly means to build wealth and foster a positive relationship with money. Prepare to shift your perspective and cultivate a positive relationship with money, focusing on abundance rather than lack.

IN THIS EPISODE WE’LL EXPLORE:

Uncovering Your Values: Identify what matters most to you and what shapes your financial decisions
Releasing Money Expectations: Especially the pressure of how and when your goals should be achieved
The Currency of Happiness: Challenge the myth that money equals happiness and explore the genuine sources of fulfillment
Escaping the Consumer Trap: Gain insight into the historical manipulation of consumer desires and how to break free
Transforming Your Money Mindset: Strategies to shift from a scarcity mindset to one of abundance

Key Takeaways From This Podcast Episode

1 / Don't save for the sake of saving

People still see saving in a bank account as a “safe” option that will get them through the rainy day, but thanks to inflation steadily decreasing the value of fiat currency, this is sadly just a false sense of security. So, what’s the smarter move? If you want your money to work for you, rather than somebody else, you need to stop solely relying on the banking system and consider diversifying your investments.

2 / Save money by investing money

This might sound contradictory since you’ve probably been told you need to save up before you can invest, but this only applies to investments that require big deposits (e.g. real estate). But guess what? That’s not the only way to play the game. There are heaps of other investment options out there that don’t require a massive upfront commitment. You can start by setting aside a small part of your paycheck for some beginner-friendly investments.

3 / Banks prioritize their own interests

When you deposit money, technically, it becomes theirs, because you become the account holder, not the account owner. I know this is a hard pill to swallow for a lot of people. And while there are safety nets, they have their limits, since banks make sure they’re protected by hidden clauses and elaborate wording nobody bothers to read. So take some time to educate yourself about how banks work and always question the promises of government bodies.

4 / Invest in your financial education

Let’s face it, most of us didn’t get a thorough financial education growing up. If you’re relying on what you picked up from your parents, you might want to revisit how you view and handle money. If your parent’s mindset was more fear, judgment, and scarcity-oriented, there is a big chance you carried this pattern into your adult life. The good news? You’ve got a world of resources at your fingertips like This Episode of Money Mindset Matter podcast.

Tweaking our approach to how we save, invest, and spend our money is not just smart; it’s necessary these days. By understanding the limitations of traditional banking, educating yourself on financial matters, and implementing a clear Money Action Plan, you’re not just saving money — you’re building wealth. There are heaps of other investment options out there that don’t require a massive upfront commitment. Start by setting aside a small part of your paycheck for some beginner-friendly investments and go from there.

Meet The Podcast Host Ana Pereira

Ana Pereira is a visionary entrepreneur, money educator, and the inspiring voice behind the Money Mindset Podcast. Having achieved financial freedom through strategic investments and savvy financial planning, Ana now generously shares her experience to help individuals develop their financial education and cultivate a strong, positive relationship with money.