Commit to Saving

The number one reason most people don’t save money is that they don’t have a savings plan. Not me. From the moment I wake in the morning, I’m thinking of new and creative ways to get a five back in change. How about you? Do you have a focused, saving goal?

The best way to answer that question is to ask yourself a few more questions. Do you save enough money, or any at all? Could you be saving more? If you do save, what are you saving for? If you’re not saving, where is all your money going? Understanding our savings habits, motivation, and obstacles begins with an honest assessment of our saving history and mindset.

Building a nest egg requires planning, patience, and practice. And discipline. For many of us, that’s the missing ingredient. Without discipline, it’s like anything else we start and then falter, giving up after too short a time. The diet that only lasts two weeks, the resolution to quit smoking that evaporates in an even shorter time. The promise to be nice to your in-laws the next time they’re in town.

The best part about saving fives, however, is that once you get the knack of it, the rewards are instant and cumulative. And a wad of extra cash becomes a lot easier to stick to than Fiber One and a work-out regimen. And it never gets boring.

So, all it takes is getting started with the proper attitude. My friend Julie, who also saves $5s, visualizes herself rolling around on her bed in a huge pile of $5 bills. Another friend tapes a picture of her dream vacation destination on the bathroom mirror to spur her to save. Whatever it takes is my motto.

What do you do to stay committed to saving? Please, leave a comment on this blog and maybe we can get a conversation going. Also, please consider following the blog so you’ll be the first to see new posts! Thank you!

Yours in Five,

Marie

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One thought on “Commit to Saving

  1. I use cc’s that offer 1% 2% or 5% back and pay them in full every month. The percent back varies in some cases and I have a few of these cc’s to cover the basics.

    I also use cc for balance transfers, as needed, with 0 interest. There is a small fee but this varies and I shop my current multiple cc’s for best deal to suit my need and pay it off before any interest comes due ~ sometimes w a balance transfer on a different bank cc. I have two cc’s that I reserve for this purpose only, because you don’t want to use the cc for any other purchase until the bill is fully paid on the transfer. These certain cards offer good deals consistently for balance transfers. This saves a lot over paying interest on a card or a loan, in case of need (or ‘want’).

    None of my cc’s have an annual fee. The exception was before traveling abroad I opened an account with benefits for the situation including no transaction fees while abroad. I closed the account after the trip.

    I also am in two credit unions that saved for a mortgage, and a new driveway / sidewalk w payments @ very low interest (2% for the paving jobs with a year to pay it off and the auto-payments payments will be done w/in that time limit.)

    If I had an extra $5 for every purchase I’d consider that for my Saturday Farmers Market shopping where I use cash because it saves time and money to get most of my food there, and it’s fresh raw and locally harvested (what I buy is anyways).

    All of that saves me and I can manage it without getting into a problem. When I can, I save as much as possible so I can travel and I do save on travel also.

    Any system that works for you is great. Everyone should develop ways to manage to the best of their circumstances, and the only way to make my system work is to stay on top of it and never miss payments.

    The way I explained here also has the advantage of giving me excellent credit ratings but takes time to develop, so staring with saving $5’s would be great. I use auto-payments online or through my checking accounts. My credit unions require $5 at one, and $1 at the other in a checking account and that just stays put, as auto-payments from my main checking account are electronically deposited into those credit union checking accounts to cover my monthly bill at each.

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