When the question is asked, “why don’t you save more money?” The common response may be “well I don’t make enough money” or “when I make more money, then I will be able to save.” But most times, when people begin to make more money, then their spending increases as well. The truth is, people want to reward themselves when they make more money. Hence, they do more shopping, dining out, enjoying entertainment and travelling etc. It may seem odd to earn more money and still live the same lifestyle as when you were making less money.
What I wanted to share is that you can reward yourself by increasing your savings. Putting that extra money that you are now earning (if not all, even half) into a high yield interest account or investing if you are confident, is a way to grow your net worth. Its all about your money mentality. I would rather have a high net worth, than have a lot of material things that depreciate.
Living comfortably is important and should be pursued and enjoyed. However, just spending just to prove that you have money is not a wise decision. Change your mindset to be a wealth builder instead of a wealth destroyer. The next time you receive an increase in your earnings, before you spend a dollar, take the time to create a financial goal (whether saving, paying off debt, or investing in something that appreciates in value), and apply your increase to that goal. This will help to increase your overall net worth.