Not Saving Our Money: A Common Financial Mistake
66Start saving
One the most common financial mistakes is not saving. Some financial experts refer to this as paying yourself first. Saving money must be a priority. Google has a great site for comparing interest rates on savings accounts. We need to save money for possible emergencies in the future, as well as to have capital to invest in items that increase in value. Investing in stocks or bonds may be a consideration for saving money.
Optimal things we should be saving for, is buying a house or financing education for ourselves or our children. We also have to save for our future and retirement. Other things we may need to save for is car replacement, or future medical expenses. We may want to start and run our own business someday. Other needs for saving money might be for vacations, or some recreational vehicle. Whatever it may be, saving today may make all these things possible in the future.
The sooner, the better
Starting as early as possible is great advice for starting savings accounts. Even if it's small amounts, each paycheck, it can still add up over time. Starting early, means as soon as possible or your next paycheck. Open a savings account and start depositing whatever you can each week or each month.
Find a way, that you feel comfortable with, to save money in a way that it draws some sort of interest, no matter how small the interest is. If you are not saving money and are only spending money, there isn't an opportunity for you to allow your money to work for you.
Employ your money just like you are employed. You go to work and you get paid. Put your money to work the same way and let that money take some of the burden off of your finances by allowing it to do a little of the work for you.
There are many ways to safely invest or save money. The biggest key, is to do so right away, no matter how small it seems.
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PhoenixV,I agree with oceansnsunsets, about employing your money and paying yourself first. I think these phrases can be very helpful to people, especially when its so hard to save these days! Very smart and much appreciated!
Great ,It is required to save money
oceansnsunsets Level 7 Commenter 16 months ago
I like what you said about employing your money like you are employed, making it work for you. That is a great idea, and makes a lot of sense. Great hub.