The Secret to Saving Money
Saving money isn’t a matter of math—it’s a matter of priorities. We often tell ourselves we’ll start saving once we reach a certain milestone, like when we get a raise, we pay off the car, or the kids move out.
But without healthy money habits, you won’t save money when you get that salary bump, when you own your car, or even when the kids are grown.
You’ll only start saving money when you develop healthy money habits and your future needs become more important than your current wants.
It’s not as overwhelming as it sounds. Yes, it requires dedication. But with a few tweaks to your spending priorities, you’ll be on the fast track to saving money in no time.
Why Americans Aren’t Saving Money? We all know we need to save, but most people don’t save like they know they should. In fact, a 2017 report by the Federal Reserve found that 44% of Americans couldn’t cover a $400 emergency, or they would cover it by borrowing money or selling something.(1) Why? Because they have competing goals.
A lot of times the goal to save money isn’t a big enough priority to delay the purchase of that new smartphone, kitchen table, or TV. So we spend our dollars away or, worse yet, go into debt to buy the latest want. That debt then becomes monthly payments that control our paychecks and our lives.