{"id":11169,"date":"2020-02-11T09:00:16","date_gmt":"2020-02-11T08:00:16","guid":{"rendered":"https:\/\/my-life.lu\/?p=11169\/"},"modified":"2023-08-28T16:59:16","modified_gmt":"2023-08-28T14:59:16","slug":"retirement-how-to-adopt-the-right-mindset-for-saving-53011","status":"publish","type":"post","link":"https:\/\/my-life.lu\/en\/retirement-how-to-adopt-the-right-mindset-for-saving-53011\/","title":{"rendered":"Retirement: how to adopt the right mindset for saving"},"content":{"rendered":"
\n\t\n\t<\/iframe>\n<\/div>\n

It can seem impossible to save for a retirement that\u2019s still a long, long way off. But what if all you needed to become a successful saver was the right mindset? Having explored the cognitive bias that stops us from saving<\/strong><\/span><\/a>, myLIFE is back with the simple solutions that will turn saving into an automatic, painless process.<\/p>\n

The key to fulfilling any goal is being able to realistically assess how far you still have to go. When it comes to saving, the first step is being honest about how you manage your everyday finances right now. Once you acknowledge the fact that you\u2019re more of a grasshopper than an ant, you\u2019ll see why it\u2019s important to be disciplined and set up safeguards to stop yourself from frittering away the money you planned to save. But don\u2019t judge yourself too harshly \u2013 the vast majority of people are just like you.<\/p>\n

Make your savings off limits<\/h2>\n

To enjoy the best possible retirement and make up for a lower income in the short term, you should be aiming for your savings to increase, not decrease. So the first thing to do is set up safeguards to make sure you can\u2019t dip into the money you\u2019re saving for the future whenever you feel like it. With that in mind, you should make sure that your money is invested in assets that can\u2019t be easily turned into cash to guard against the temptation to spend money without thinking about the future. For example, some life insurance products<\/strong><\/span><\/a> and retirement savings plans<\/strong><\/span><\/a> come with tax allowances that you would have to repay in full if you were foolish enough not to comply with the maturity conditions laid down in law.<\/p>\n

The best way to connect with your future preferences is to make your future feel more immediate \u2013 i.e. more tangible.<\/p><\/blockquote>\n

Connect with your future self<\/h2>\n

It\u2019s hard to truly get to grips with the future unless you find a way to visualise what it will look like and what your place will be within it. The best way to connect with your future wants and needs is to make your future feel more immediate \u2013 i.e. more tangible.<\/p>\n

Several studies have shown that seeing a photo of yourself that has been put through an artificial ageing process can help you to make that connection. You can use secure graphic design software and there are even some apps out there that age your photos. If you know how to draw, why not print out a photo of yourself and make the changes manually?<\/p>\n

Once you\u2019ve done this, take the time to write a letter to your future self, asking yourself the following questions<\/span>:<\/p>\n