Think About Saving

Savings. What is your immediate thought in connection with that word? Can you relate to having a savings or are you discontented by not having anything set aside? Do you have a savings account? Are you at least gathering and stashing loose cash in a safe place as a part of your savings plan?

Perhaps you’re one of those people who find it impossible to set income aside to save for a raining day. Today, I’d like to encourage you to think about your approach to saving money. If you’re committed to saving and disciplined at building your financial reserves, I admonish you to step it up a notch…challenge yourself to save 5-10% more each pay period, or to save a certain portion of each financial gift you receive. If you’re working with a substantial surplus in your savings, consider taking a small portion of it out to help someone else establish a savings account. It could be your son or your niece, a student or a child in your neighborhood.

Finally, if you feel like you’re barely making it and are living paycheck-to-paycheck, I encourage you to look again. I know you think there’s no way you can save money, but even you have the ability to do so. Here are a few suggestions:

1. Every time you break a dollar or receive change for a purchase, put it in a jar, candy dish, or a tray of some sort (try to refrain from counting or using it until it is absolutely necessary). 
2. Take $20.00 out of your checking account or from your pay each period and place it in an envelope labeled, Savings. Put the envelope in a location that doesn’t provide easy access and don’t open it until it is time to add another $20.00 to it. 
3.  Recruit a close, trustworthy friend or family member to save cash for you. Commit to giving them say, $10.00 per pay period to put away for you. Have them sign a statement to confirm receipt and responsibility for stashing your money for your future use. 
4.  Sign up for a savings program with your local bank. For example, Wells Fargo has a Way2Save program for its customers’ use. Every time they use their debit cards for purchases, $1.00 is automatically transferred into a savings account from their checking account (just remember to deduct these transfers in your checkbook register).

For some of you, it might be necessary to start small. Begin by challenging yourself to save a specific amount of money for a week. After you’ve succeeded at consistently doing that, slowly increase the amount you commit to savings and the length of time you will be disciplined not to use it.

The bottom line:  we are all capable of saving for the future. Whether we have to start small or immediately sacrifice a large sum in order to establish a savings plan, it is in our power to do. So, stop saying you can’t, choose one of the suggestions above (or implement one of your own), and join me on this journey to building and saving money!