Thursday, February 5, 2015

The Importance of Savings

The meaning of thrifty: (of a person or their behavior) using money and other resources carefully and not wastefully.

When I was younger and working an almost full-time minimum wage job, I never saved my money... Ever... I didn't have too many bills to worry about. Therefore my monthly expenditures where pretty small. So, every time payday would roll around I would get so excited because that meant shopping day at the mall! My mentality then was if I had money in my wallet or extra money to spend in my bank account, I just had to spend it. If I didn't it would just sit there and be useless. Looking back I can't help but think how crazy that mind set was. It makes me so mad to think that I could have been putting money away for my time here at college, but instead I came to college with loads of clothes and pointless junk that I had accumulated over the years of mindless spending!


My Attempts to Save Money

Usually my so called "attempts" to save money were very meaningless. I would maybe set some money aside in a shoe box, let it accumulate to a small chunk of money and then come across something that I felt I just absolutely needed, or I would just cease to exist! The money would then get spent. I attempted at one point to open a savings account. It got all the way up to...$25. Lame sauce, I know. I had no comprehension of what it meant to save money or even how to do it. Why was it so important? How could I change this mind set?

College, Marriage, and the Change of Mind

In 2012, I set off to live on my own. It was so scary and I didn't really know what to expect. I moved here to Rexburg, got myself set up for college, and set out to discover life. My first semester resulted in taking out small student loans so I wouldn't have to work. The result of that is a mind set of hoping I never have to do that again! Unless student loans are necessary, I would steer clear of them. I then decided I would work through my next semester and see how that went. With a part time job, doing full time school, I found it was manageable.
When I met my husband and we got married, that is when my mind set of money changed completely. I knew that I was no longer providing for myself and MY wants. I could no longer be selfish to my bank account. The savings account came into full play. We both landed decent jobs and we were able to continue to put into savings with out ever taking anything out. Doing that from the beginning of our marriage has helped us both with our mind set of saving money. Even now, with my husband working part time and going to school full time and me not working at all, we still put money into savings. No questions asked!



Saved by the Savings

Being newly weds and college students, there is bound to be unexpected expenses that will pop up out of nowhere. This is why it is important to have a lump sum of money to use on "rainy days". Some days it will just mist and other days it will pour down, but having money in savings on these types of days has been evidence for me of why it's important to save! I don't know if there is anything more relieving than knowing, because of our efforts, we will get through the financial storms ahead. But at the same time, there is nothing more depressing than seeing your long hard work of saving get diminished by things you have no control over. It is bitter sweet indeed!

Helpful Motivations and Support

First off, you can do this! If I was able to change my mind set of saving money, then I have complete faith that you can too! But just like any change we make, physically and mentally, it takes hard work and some tools to help us along the way.

Tools


  • Dave Ramsey has always been one of my favorites when it comes to getting motivated about finances. Here is a handy article that might help you along the way. The comments are pretty good too. - http://www.daveramsey.com/article/the-secret-to-saving-money/
  • Michael Hyatt is a brilliant business man and personally an inspiring person who has helped me set goals for my blogging. In this article he talks about the science of setting goals. I think this will be a helpful tool for changing your financial mind set. I believe that change requires a lot of goal setting. - http://michaelhyatt.com/science-of-goal-setting.html
  • Here are a few savings charts and templates to give an idea of how to chart your success. - 

                 



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Questions for YOU!
What do you think about the articles I recommended? What tools will you use to help yourself along the way?
Please leave comments!


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Interested about Dave Ramsey? Take a look at his book. A great way to start thinking financially!



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