The reality of the situation is most Americans desire to save money. The fact of the matter is there are 2 main reasons why saving sufficiently and successfully doesn’t always occur:
1) The first reason is debt. If you have monthly debts that position you to live paycheck to paycheck without extra reserves to dissolve any unexpected expenses over and above the monthly expenses, then saving becomes a no-go.
2) The second reason is a lack of personal income to meet the obligations at hand and have extra to put aside.
These two reasons are the primary drivers of disrupting savings goals.
The next components are either a lack of mindset to do make the necessary commitment or developing the proper habits to do so. Saving money is not overrated it’s a fundamental principle that allows you to live differently in an attempt to be less stressed. Please remember that debt paralyzes you while savings provides a parachute to escape out of an unexpected hole while others spiral out of control creating more debt in most situations.
We don’t have a magic pill for this but rather a series of suggestions to aid in remedying the problem. The first is to create your own mindset about saving because no one else can do it for you. The new Rule of thumb is 20% of your income which is strong. The old rule still applies 10% of your income. Also, nothing has changed relative to building an emergency reserve.
There is no question that there will be random emergencies often that will affect you. So it is virtually important you build that emergency savings plan for short-term and long-term goals.
The second is to open multiple savings accounts is a secret tactic used to save money with a regular paycheck. This is commonly used by entrepreneurs that earn income from different can be smartly allocated to these accounts. A tiny portion of income that you credit in these accounts in prosperous times will surely help out in rough financial times.
The saving habit allows you to give more, saving more, and live more. A habit can be created or broken and often times we all have experience both. If money is flowing so is savings but whenever it stops or alters our habits follow the same.
Third, we are kicking off our series of conference calls for members to gain knowledge of various savings challenges, in addition to interacting with groups to create good savings habits. This keeps you accountable as well as those around you. It’s Totally Free.
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