A simple thing like your payslip – but do you get it?
From the time I started my first job, my payslip was a sign of achievement. Not only the reward for working each week, but the many possibilities that it would bring in the future.
One payslip meant I was covered for a week, but imagine what you could do with 20 payslips? It could mean that you have the funds for a car, or a house deposit or holiday or whatever opportunity you chose to look at.
Now with payslips becoming electronic, does one have the same sense of achievement of reaching the weekly goal? Nothing is put in your hand, there is no ‘end to the week’ with the opportunity to celebrate on the weekend. No accountability with your tangible asset.
Or do you even appreciate the effort that went into that 40 hours of labour, in order to get that little piece of paper?
Then the money itself, previously you would receive that little yellow envelope, pull out the notes and then allocate the funds needed for rent, bills, food, transport and maybe something to go into your Christmas Club account (or car savings or whatever goal you had)
So now that you don’t receive tangible cash that you divvy up each week. You anonymously receive random numbers that go in and out of your bank account regularly to cover bills. Maybe an electronic payment goes into your savings account.
It all happens remotely and you do not think about any of it as much as you used to.
Is that now why people have problems saving? The don’t know what is on their payslip, they don’t have a budget, money moves around invisibly and the only time they seem to pay attention is when there are no funds in their ATM account.
Maybe you need to sit down with your payslip, marry it up to your budget and then physically and mentally understand and take note of where it all goes.
As then only after that, can you plan your savings strategy.