Savings accounts provide you and your family with confidence. Many families don’t have savings accounts. That is not only sad, but it is not healthy for those families either. Confidence gives you a sense of security and well being. As your money in savings begins to grow so does your confidence that you are headed in the right direction. How much money did you put into savings last month? The amount is not as important as is the decision to put something into savings. Once it becomes a monthly habit it also becomes part of your financial plan.
If you don’t have any savings accounts, get started today and put $10.00 into a cookie jar or under the mattress. Next payday does it again. Then again. Learn to pay yourself first. It is a reward for your hard work. Set a goal to save $50.00 or $100.00 by a reasonable date in the future. Once you save to your goal, go to the bank and open a Savings Account. This will be your first step towards financial freedom. It may not seem like it, but it is the truth.
Keep your new savings intact and don’t spend it. Not even on those new pair of shoes that you saw at the Mall. Or going out Friday night with your friends. Those are both things that you can cut back on. It’s not necessary to eliminate but cutting back will build character and your savings at the same time. Now, what’s not to like about that? After you do this a few times and continue to make regular deposits into your savings, you or your family will begin to grow financially responsible. Baby steps in the beginning and then walking becomes routine.
For those of you who don’t have savings accounts, start one the next time you get paid. Read paragraph #2 again if this sounds too difficult. For those of you who have savings accounts, but haven’t added to them recently, make a deposit into your savings the next time you get paid. For those of you who regularly deposit money into savings increase it by 10%. You will be astounded how this will change your financial life if you continuously make deposits into savings accounts.
Kevin Smith is a financial coach and understands the importance of money management. If you don’t have a family financial plan Contact Kevin today. If you have a financial plan and would like to improve it Kevin can assist you. Thinking about your short term and long term finances is something most folks don’t take as seriously as they should. It is not too late to begin. Very few things in life are as important as your family’s financial future. Think about it!