I know, I know…this is not the first time you’ve heard those words (from me and others) …or thought them to yourself. You KNOW it’s something that you need to do. Especially in these uncertain financial times. Even though the recession of ’07 is behind us, and the economy has rebounded quite a bit, we’re not out of the woods…yet.
And while some celebrated the election of Donald Trump, many viewed his election with fear, concern, and dread (and STILL DO). Much of that centered on fears of a reversion of recent economic progress and/or the economy plunging into another recession.
While we cannot control the direction the country heads into over the next 4 years, we CAN control our own finances. You can begin the journey towards increased financial security. It starts with saving money. Even if it’s only a little bit.
There a few reasons people don’t save. Besides money being genuinely tight for some, many people simply have an aversion to saving because they view it as “depriving” themselves. You can still buy things that you want and desire AND save money. The trick is to factor in a certain percentage or amount to save monthly, and then buy LESS of those things you want and desire. Start looking at savings as a “safety cushion” or “safety net” rather than as deprivation. This article offers great tips on how to begin: “7 Ways To Get You Into The Psychology of Saving Money.”
Studies show that happiness and peace of mind are increased by socking away money (even small amounts) - as discussed here in “What Are the Best Ways to Save Money?”
Don’t discount the importance of building a nest egg (no matter how small). Sometimes this can make all the difference between falling into debt and missing crucial bills (like rent, a mortgage, etc., - which can have devastating consequences), and not.
It IS possible to have a more hopeful and secure future. I regularly save myself and have developed a strong saving habit. I’ve also helped others who were previously non-savers to start socking away money…which they’re still doing today. Most people find that by making some small changes, they can find money where there “was none before.”
And while some of us can start saving on our own and others just a need a little nudge (or two) to get going, some of us need a bit more help. That’s nothing to be ashamed of. What’s more shameful is looking up in 10 years and realizing that you STILL haven’t saved a penny even though you vowed to do it a thousand times. The answer: start NOW.
About Yolanda Ransom
Yolanda Ransom is a certified Financial Coach & Consultant who empowers clients to confidently master new money management skills, resulting in improved finances and financial stability. She is the CEO of Yolanda Ransom Consulting and provides personal finance coaching and training to individuals and groups. You can find out more about her and working with her at yolandaransom.com.