One of the financial issues I struggled with early on was simply saving money. Every single time I would dedicate some cash to saving, I would find myself dipping into my savings. So, I realize that in order to conquer this struggle, I had to do something different. Just like the old saying goes, “If you keep doing the same thing, you are bound to get the same results!” So, I decided it was time for a change.
Be diligent and you will profit
One of my favorite scriptures is Proverbs 21:5, which reminds us diligence will lead to profit, however if you are hasty it is certain to lead to poverty. So one of the ways I conquered my lack of savings was to incorporate savings bonds in my regimen.
Of course, savings bonds will not get you rich at all! But this isn’t its purpose. Savings bonds should be used for building cash reserves. And that is exactly what it did for me. I diligently saved a little from each paycheck and in the end was able to profit. Since I wasn’t able to withdraw the money until a year later it FORCED me to save, and I needed the FORCE! Keep in mind, if you may need the money before then, think of other clever ways that will force you to save.
When a little becomes a lot
I love the saying you can only chew an elephant a bite at a time! Well this is also true with your saving goals. You don’t have to commit to hundreds or thousands per paycheck, but be consistent and commit a set amount each time. Simply saving $50 per month would yield $600 per year. No matter what amount you save, keep at it, don’t touch it, and act like it doesn’t exist!
Can’t touch this
Lastly, one of the ways that has helped me in the past with savings is simply acting as if it doesn’t exist. After I have set aside money toward my savings fund, I simply forget about. I save first and whatever cash I have remaining is the only cash I utilize for spending. This way, when I run out – I simply run out. And more importantly, my savings is still left in tack!
Take the savings challenge! Commit this month to save a little bit more! Drop us a line and tell us what you are doing to save more money for the month of June at Kemwashcpa@gmail.com.
Remember: your choice, your future!
Kemberley Washington is a CPA and professor at Dillard University. Follow her on Twitter @kemwashcpa.