Updated: Feb 18, 2019
Money nearly spent within hours of that direct deposit hitting!
According to statistics, millennials are the main ones struggling to save. The survey conducted by GOBankingRates found that 73% of 18-24 year olds and 70% of 25-34 year olds have less than $1,000 in the savings account :(
Yes!! No matter who we are or what we do, we’ve all been there and done that. Between the bills that have to be paid to keep the lights on, so we can see when we walk inside that place we pay to live in, to eat the food that we had to pay for, after we drove to the store in that car we pay for to get there; it can seem close to impossible to save a few dollars for “a rainy day”.
It’s hard enough to make a living and just get by these days, so don’t feel like you’re alone in thinking that it’s a chore to put some money aside that hasn’t already been designated for another final destination.
Obviously, there are some financial circumstances where saving is virtually impossible, and if that’s you, then it won’t hurt for you to reach out to us so we can help you dig a little deeper into some of our other FIIT principles and get you on track to improving your current financial health.
However, if you just aren’t saving right now, because you could use a little more discipline and organization in the way you facilitate your finances, then I encourage you to read on......
Making excuses is way easier than making executive decisions to execute our goals!
When we really want something done, we’ll find a way to make it happen without looking for more reasons to convince ourselves on why we CAN’T do it, rather than why we can; and saving money to an amount that equals or exceeds at least three months of our monthly expenses is something we SHOULD want.
Our world changes fast, and anything can happen at any given time, with or without advanced warning. So, the last thing we want happening to us is going to work tomorrow, only to find out that our job is being replaced by some artificially intelligent robot, and that our services will no longer be needed.
Sure, this may sound like a page out of a science fiction book, but this is really happening today. Even if you haven’t encountered this scenario, there are countless other things that could happen, leaving you to 'figure it out'; and scrambling for cash to do so doesn’t have to be an option.
We pay everyone else their dues on a certain day of every month, why not pay ourselves too!
Yes, that’s right, pay YOURSELF!
That doesn’t mean using whatever residuals we have left to splurge. What it means is, there very well might be some WANTS that we need to do without for a while in order to start maintaining a healthy savings habit. There will be some luxuries that we might have to relax on, so that we have some extra cash to put aside for ourselves, that we promise to only access if we absolutely need it. That’s where the elimination of excuses is an absolute must.
We might find ourselves standing in line at our favorite coffee shop every morning, spending $4 each trip (on the low end), when we probably could invest that money in a single serving coffee maker, so we can have our own coffee shop in our kitchen every morning.....
...and that’s just one example of many.
More often than not, there are less expensive ways to obtain the things that we pay unnecessary money for, but choose the latter, either for convenience, or sadly for the purpose of appearing to maintain some kind of “status”. With the right amount of proactive planning and the right FIIT perspective, building a healthy savings can become an attainable goal.
With a good amount of discipline, executing the actions necessary to attain that goal can become a reality.
Please don’t find yourself in dire financial emergency that could have easily been avoided, had you not been overcome by the temptation to spend every dime from your direct deposit. Please shift your mind the FIIT perspective, SAVE the excuses and start SAVING your money! I have gathered a few simple ways to save:
1. Make saving automatic. For every check, set up an automatic withdrawal for your savings. Start at $25 if you have to. Let it be a comfortable amount for you with $25 being the minimum.
2. Open up a savings account at a bank where you don’t have a debit card attached to it. Set up money from your check to be deposited directly to that account so you don’t have immediate access to.
3. Choose a savings goal, and when you get there, celebrate your victory! This will encourage yourself to save more.
4. Eat at home more. Set days that you will eat out, and on the other days cook or meal plan.
5. Find free entertainment on weekends when you’re hanging out.