Picture of a spilt piggy bank.
Saving your pennies really does add up. CC by swimparallel/Flickr

Saving money is easier said than done for most people. It doesn’t matter if you’re making more money now than you did five years go, you may still find yourself out of cash and buried in debt. So obviously you just can’t blame your saving shortfalls on a tiny paycheck. As a matter of fact, ability to save has very little to do with your income, as many studies have shown. It is about your desire to save money and how willing you are to adjust in order to boost your bottom line.

Saving money versus spending money

Most people think their ability to save money heavily depends on how much money they make. How much a person earns, however, is only a small part of the equation. No one is necessarily free from financial troubles, no matter how much a person makes. Without good money management, any salary can feel like minimum wage.

It’s important to pay attention to monthly bills and logically prioritize. Make time for your personal finances every single month. By doing this you will know exactly where your hard-earned money is going and make necessary changes when needed.

Maintain self-control

Temptation comes in many different shapes and sizes, and it can seem almost impossible to resist. Many today are faced with the “spend now or save tomorrow” dilemma. So many confuse their needs with their wants and fall short of making realistic choices on things that would benefit them the most. Their closets are cluttered with unnecessary things and the fridge is filled up with food that will end up going to waste. Impulse buying is a sign of having no self-control, and it can also lead to overspending and eventually, overwhelming debt.

From children and parents to small business owners and corporate investors, knowing the skills and strategies to save and invest money can really improve the quality of life. And the only true way to achieve that is with discipline.

Saving money for emergencies

Financial catastrophe can be a result of forgoing saving money. The average person knows how crucial it is to have a financial backup plan, especially in times of urgent monetary needs. Financial emergencies seem to happen at the most inconvenient times, and when it happens, the extra cash saved will come in very handy. Of course, there are financial resources available to help with emergency expenses, but having some money stashed away to deal with unexpected expenses is by far a better solution.

Making dreams come true by saving money

If you are not saving money, now is the time to start. Your dream house will remain a dream if you do not take the initiative to start saving. What about the Cancun vacation trip you promised the family? Do you think you will ever get there without saving? What of retirement? You don’t have forever, and the longer you wait, the longer it will take to get to financial stability. So start saving now and put your money to work.

Post By bryanh (1,420 Posts)

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