“Saving money is a skill that takes practice in order to become a habit.”
is critical to your financial survival and is a habit that ANYONE AND EVERYONE can develop! Just like any other talent, it takes a commitment and practice to fine tune. Over time Saving Money transitions into a habit and ultimately becomes part of your Lifestyle. Start Today so you can be there tomorrow!
Below are some links that offer opportunities to increase your knowledge in certain aspects of Saving and Financial Planning.
- Go Green
I was once told a story that emphasized the importance of developing good financial habits such as savings. A 27-year-old female CEO of an advertising firm in New York once shared the following story.
"All three of my brothers play the guitar to some extent, some better than others, but they all play fairly well. As for me, I am limited to one song, and that’s ‘Twinkle Twinkle Little Star.’
It all started my freshman year in high school when my younger brother, Corey, and I both got electric guitars for Christmas. Corey was ecstatic and began strumming the second he got it open. Though I liked the gift and was grateful for it, I had little desire to dedicate the time I knew it would take to learn how to play well.
For the next several months, it seemed like all my brother did was play the guitar. Being his sister, I felt I had to fulfill my sisterly duties and tease him on how horrible he sounded. One day when my brother was practicing, I noticed something different. Corey sounded good!
He would sometimes invite me to accompany him by playing the bass line knowing I wasn’t any good. I think it was his way of making fun of me without hurting my feelings. He knew all he had to do was play an awesome song while I sat there wishing I had been as dedicated to practicing as he was. In the end, Corey had something to show for the past few months, where I had very little.”
I then asked her how that experience has helped her in to be who she is today?
“I realized that time is very valuable and stops for no one. No matter what I do with my time, it would keep moving forward. I decided I was going to apply the time I still had towards things that I want to do. Though I never learned to play the guitar, I did apply myself to learn the piano. I think the piano is more sophisticated. That experience taught me I have a choice every second of the day. I can choose to be productive or not to be productive. I have simply chosen to do things I love and am very productive when it comes to growing my business.”
Just like playing guitar, saving money is a talent and it takes time and dedication to develop that talent. A lifestyle of saving money is produced from good saving habits, perfected through practice. It may seem tough at first, especially if money is already tight, but over time, the motivation to save starts to appear. It starts to “sound good”
Most books that I have read suggest saving 10% of your total income, which seems to be a reasonable target. It is important to determine an amount to save. This way, you have a detailed plan you can commit to following. Of course, if you can save more, I would highly recommend doing so.
To your Success!