If you can’t afford to pay for something with cash, you obviously can’t afford to buy it. In most cases whenever we go to a store, we’ll often see things that spark our interest. Those things that we simply can’t afford within reasonable means shouldn’t be purchased. Every store will always have some kind of sale. Whether it be a holiday or just a weekend sale, every offer marketed to us to spend our money shouldn’t be accepted by us. Imagine all those hours you put in at your job, then think about the money you’ve earned minus the taxes that are deducted. Now recognizing that you’re simply doing the best that you can, you are empowered to spend your money as you wish. However rather than planning to spend your money why not invest in your greatness and contribute to your assets. Savings accounts help increase your financial wellness. Although interest rates aren’t high enough to see your funds grow from your bank’s participation, your continued deposits will surely show a steady increase in savings. Trust that a conventional method of tactfully setting money aside in your savings, will only bring you greater gain.
When I personally think about the short term purchases I’ve made in the past, none of them were as important as the long-term goals that I’ve had for my future. So rather than splurge on a new outfit, fast food, or hanging out with friends; I rather save for a personal emergency, income property, or perhaps a vacation. Since money doesn’t grow on trees, and time doesn’t wait for anyone; it’s safe to say that the greatest investment that you can make is yourself.
Here are a few tips on saving your money:
1. Create a financial plan. Write a list of goals that you want to attain and note the cost that it’ll take to acquire them.
2. Set a budget and use cash. Don’t use your debit or credit card when you’re ready to shop, use cash and remain within your budgeted amount.
3. Write a list before you head to the store to go shopping. By creating a plan, you’ll be prone to save instead of buying things you don’t need.
4. Always place money aside to be placed in your savings account, 401k, or emergency funds.
Contributing Blogger: Pilar Spight
Pilar has worked in finance for over 15 years within the retail and commercial banking sectors. She enjoys practicing ways to be financially savvy with budgeting measures and enjoy sharing my tips with others . Follow Pilar on Instagram @arealpillar.
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