Goood Morning MY Loves! At this point, Imma need a name for y'all. Like, Beyonce has the Beehive, Nicki has the Barbs, Tamar has the Tamartians... I need a name for my internet friends/family too. Will y'all think of one for me, please? Ok ok, let's get into it. We are on day 22 of our 30 lessons in 30 years series. The title is straight forward and so this post will be also.
I remember when I got my first job. I was so excited. It was a program in Cambridge Massachusetts called "Just A Start". I was so happy to have this job and to be getting my own checks and having my own money. So I'm a foodie y'all. Every day I would buy Lunch and snacks, and sometimes even start the day off with some Dunkins. Now I had a job.... but I never had money. How sway... well. ... all my money was going to food! See, I'd learned how to make money. I'd learned how to spend money. What I hadn't learned was one of the most important of them all:
SAVE YOUR MONEY
I know some of you hear that and think "well I worked hard for it so why can't I spend it?" See that's the first issue right there, we seem to think that saving money and spending money are mutually exclusive. They're not. You can spend money and save money at the same time, it's all about discipline.
WHY SAVE YOUR MONEY?
YOUR FUTURE NEEDS IT: Unless you plan on winning the lottery, saving money helps you prepare for your future. Having money saved up puts you in a better position to be able to make larger purchases or even just be financially secure in the future. Knowing that you can afford to live without stressing over the next paycheck is such a great contribution to your overall piece of mind
RAINY DAYS: We don't know what tomorrow will bring. There have been many times when an unexpected expense came out of nowhere and having money saved up makes it much less stressful to deal with. Take covid, for example, nobody (at least most of us didn't) saw it coming! My savings account was able to buy me time to figure out how to pivot.
DISCIPLINE: Saving money helps you to strengthen your discipline. Discipline is one of the strongest muscles you can build. If you can become disciplined in your saving and spending habits, you have no idea the domino effect it will have on other areas of your life.
HOW TO SAVE THE MONEY?
BUDGETING: Find a budgeting system that works for you. I personally like to use the 0 base budget that I learned from Financial Peace University by Dave Ramsey. It may or may not work for you, but find what works FOR YOU! Basically, spend your money on paper so you know how to spend it in real life. Tell every dollar where to go. Setting it up, in the beginning, may take a little time and focus, but once you have your system set up, it's plug and play from there. I have created a google sheets budget sheet that I can share with you if you'd like. It's simple and easy to use.
PRIORITIZING: Sometimes we find it hard to save because we have so many things we want to buy or invest in. Sometimes we have these random spurts of "Spendergy" where we just want to spend a bunch of money and buy everything we want. Take time to prioritize. Ask yourself: What is more important? Do I need this? Do I need this now? Can this wait for later? Prioritize your spending so that you can prioritize your saving.
SET GOALS: Setting long and short-term goals for your money helps you to save. Some people find it hard to save because it feels like the money s just sitting there. If we assign a purpose to the money, then it feels more necessary for it to remain. Maybe you want to save to buy a house in 5 years. If you need $200, 000 down, then how much do you need to save a month in order to be ready to buy a home? Now the money you're putting away has a purpose, and the more you save, the more you can physically see yourself getting closer to the goal.
SPEND IT: I know that sounds weird but saving money all the time and never spending is one of the main reasons that people fall off the saving train. Spend your money a little bit, and enjoy the fruits of your labor. It's all about balance. As you spend, save. When you realize the money that you saved helps you to enjoy your money more than the quick spending, you'll feel more inclined to save. I have a Vacation Savings account. Money automatically goes in there every month. When it's time for me to take a trip, it feels so good to know that I've already got the money to spend... because I saved.
I hope ya'll understand the value in saving your money. I know it definitely has saved my butt a few times. I hope this helped.
I love ya'll for reading, and I love ya'll for real! - Woods Lighting up the woods, one Syllable at a time