Saving Money for Beginners – part 3

„Saving Money for Beginners“ is part of a series of articles from our guest author Victor. 


In the previous articles part 1 and part 2 of „Saving Money for Beginners“ I highlighted two key points to start saving money:

  • Give the same importance to paying into your savings as you give to paying your monthly bills
  • Open a separate bank account that will serve purely as a savings account 

But this doesn’t work if you don’t have discipline and if you constantly lie to yourself.  

The good news is that you have come so far as to start reading and informing yourself more about savings and what to do with your money. That also means you are taking the topic more and more seriously and it won’t be that difficult to get the discipline to start saving and build your fund for the future.  

But only reading about money, feeling good about it and thinking that one day you will start is not enough. Don’t lie to yourself, be strict, go ahead and open the account and start!  

This is more important than you think as saving (and smart investing) needs more self-control and discipline that you can imagine. Once you start buying stocks, for example, their value will go up and down, and you will need auto control in order to not get desperate and sell when their value drops, or also when it goes up, but you are sure you can make more money and hold the stock for a longer time. 

On the other hand, don’t lie to yourself.  

Dealing with cryptocurrencies is not investing, it is gambling. Buying a lottery ticket is not investing but a matter of luck, with extremely low chances of any type of success. You want to do it anyway? Fair enough, just don’t dedicate more than a couple of bucks per month. Do it for fun, not as a goal to assure your future.   

Leaving financial decisions to a future is the most common lie to yourself. Stop doing it and make the future day, today. Go to the bank – online or offline – open the account and deposit the first amount to save. Don’t go to a fancy restaurant and spend your hard earned cash. Don’t go to an electronics shop and buy an expensive gadget. Don’t spend your bonus or extra pay on a night out to impress your friends. 

A very difficult topic, and one that married couples (also not married) avoid, is savings for the person in the relationship who is not working and has no income. He or She must stop lying to herself/himself, and have a conversation with his/her significant other. What will happen in 30 or 40 years? Once the children are gone?  

In Germany, the percentage of divorced women aged between 50 and 70 that fall into poverty and struggle every month to have enough money to eat is increasing every year.  

This is a topic for another day, but just from a purely strategic financial point of view, it is better to have a solid monetary base where the two people in a relationship have enough money to live, than only one, regardless of how high her/his income is.

My suggestion is to set yourself a goal:

  • Tomorrow I will open my account
  • The day after I will deposit my first 10, 50 or 100 USD/Euro or equivalent
  • I will deposit at least an X amount per month
  • If it is within my possibilities, I will double the amount every 2 or 3 months
  • I want to have saved a specific X (big!) amount of money in 2 years.

Don’t mistake a “good feeling” as “an accomplishment”. Reading about investment or savings and feeling like “…one day I will be rich!” is not the same as doing it.  

Have the discipline, stop lying to yourself and do it!


What are your thoughts on investing and saving money? Share them with the guanshe-community! 

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Photo: Victor/Private


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