Because it’s Marathon Monday in Boston, I’m reminded of the persistence and dedication it takes to be a runner, especially in a 26.2 mile race. The truth about saving money is that it’s kind of like running a marathon, that if you have a goal and you relentlessly pursue it, you might come out a winner in the end.
It’s also true that there’s no magic bullet, no one way to build a nest egg for the future. For some, the best route to financial freedom might be the company assisted 401K Plan; others find that setting aside a fixed percentage from their paycheck every month is the best path.
While it’s easy to get caught up in the whys and hows of endurance, whether in saving money or running a marathon, ‘doing does it’ is my motto. I fund a 403B retirement account while my husband contributes to a 401K, and most months, we save part of our income. But if saving a nest egg is all about intention, then adding one simple habit to your life will reap enormous rewards. Never again spend a $5 bill; save each and every one received as change in a cash transaction and watch your nest egg grow.
How much money you can save using this method depends on how much actual cash you use on a daily basis. Remember: you can’t get a $5 back as change if you pay with debit or credit cards. But if you’re like me, and use cash for everything from groceries, to a haircut, to filling the car with gas, the $5s will come back and like karma, reward you over time.
Good luck to all the runners in today’s Boston Marathon. #BostonStrong
Yours in Five,