Key Benefits of Saving Money Today

There’s a saying about saving money for a rainy day. It’s pouring rain in Vegas. Today’s the day!

Although I am not a financial expert I have been successful in making healthy choices for my financial future in the last few years. Call me an over-prepper, paranoid or stingy. I feel more secure knowing there are some back-up plans in place, in case of a rainy day. In addition, it can help ease stress in the future because I have been preparing and making healthy decisions ahead of time.

Here are some reasons to start saving money TODAY:

1. What are you working for anyways? Aside from bills, mortgage and food in the fridge…we ALL need to pay bills. But what are you looking forward to in the next few months/year/10 years? Are you avoiding doing something adventurous or fun this year because of finances? How will that affect your well-being in the long run?
2. I have been learning more about retirement savings in this last year. I shudder when I hear about how I should have been starting on retirement savings in my 20’s. You can arrange retirement savings even if you’re self-employed. Do some research on investment companies like Edward Jones or MetLife, to name a few, and begin building a retirement account TODAY! In my financial planning sessions my advisor has evaluated my financial goals vs. current values and limitations. It reminded me about one of my posts regarding having our weekly schedules in line with our values.
3. A friend of mine has a great motto: Prior Preparation Prevents Poor Performance! In my work with mental health clients, it’s amazing to see the amount of stress people place on themselves because of Christmas. Yet, I hear about them blowing money months prior to Christmas. Every year around February or March their stress continues because of credit card bills from Christmas, or worse, advanced loans. They only catch up because of income tax returns. What’s my point? IF you received an income tax return and you have even $50 to spare, put it in a savings account! Create a separate savings account for Christmas if you tend to spend heavily around this time.
4. Savings account tip: Open an emergency fund savings account at a different bank. Don’t order a checkbook or debit card for this account. Only use it to deposit money. Schedule deposits either monthly or quarterly, based on your needs. Financial gurus like Suze Orman, recommend having an emergency account in case of unemployment, layoffs, etc. Different pros recommend having 6 to 9 months of paychecks saved up. Of course, this is based on each family’s need.

Insanity has been defined as “doing the same thing over and over and expecting different results.” If your budgeting is out of whack, change it up. If you’re doing the same thing and something isn’t working, you only have yourself to blame. Research financial advisors like Suze Orman or Dave Ramsey for creative tips on ways to save money and improve your financial health.

Self-care shouldn’t be limited because of finances. Although we can’t always hop on a plane and jet off to Tahiti we can re-evaluate how to make our finances work FOR us instead of AGAINST us. Buy lunches ahead of time instead of spending $10 a day to order in. 5 days of lunches can add up to $50. Does that pay for a manicure, one day rental car for a road trip or baggage fees for the trip to Tahiti? It may be raining right now but I obviously have some tropical self-care that I am looking forward to!

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