The importance of savings cannot be over-emphasized especially when one has a steady income. It is necessary to not spend all we get monthly. I understand that it’s not easy to let go of a certain amount but it’s not actual “letting go” because what you’re really doing is keeping it aside for the rainy day. Believe me, that rainy day would definitely come when you least expect and you would be grateful that you had something saved up.
Asides keeping some money for the rainy day being a very good reason for saving, saving is an act of discipline. Your willingness to save against all odds shows how disciplined you are towards managing your expenses. It shows the extent to which you could go to achieve your goals. If you can save $500 from every $5,000 you get once a month, it means you could save $5,000 from 50,000 you get and so forth. It’s a sacrifice from you for you.
The real truth about saving is that it is a difficult task. A task only determined people can carry out. This is because before the money comes, there are already a million and one things to use it for. You need to get more clothes because you feel your 172 clothes aren’t enough, and you’re already running out of shoes even though you have 30 already. You need to get the latest gadgets because without them, you’re not “complete” and all these needs only come to mind when you have money. After exhausting your cash, your actual needs come up but it’s already late so you’re automatically in a fix. Getting yourself out of it might mean getting a loan from someone which means that your next allowance has already been reduced even when you haven’t gotten it.
I’m sure you don’t like the above picture painted but it happens a lot to a lot of people. A lot of people would have spent half of their allowances even before they get it and it’s not a good thing. If you have a strong urge to buy something, try to suppress the urge for at least 12 hours, the urge would go away. It works like magic, just try it. If you always feel that the money you earn or get is too small to save from, you would always feel that way no matter how much you earn even if it’s a million or more. If you can’t save $500 from $5,000, you definitely wouldn’t be able to save $50,000 from $500,000. You just have to start from where you are and you have to start NOW, yes like right now.
Delay is dangerous. Save something no matter how little. You need to spend what’s left after saving not save what’s left after saving. Its best to save your money where your ATM card won’t have access to. A lot of us deceive ourselves by saving somewhere we could easily reach just in case “something” comes up. If you do that, “something” will always come up. Whichever saving method you’d like to adopt, let it be out of your reach to reduce the strong urge to dip your hands into it.
Saving is the first step to the financial independence we all crave and it should be worked towards by making conscious efforts to achieving it. It’s not how much you can spend that makes you “big”, it’s how much you can save, how you control your expenses, how you differentiate between your needs and wants. If you know how to spend, then you should know how to save.