Although the arguments are sound for saving for emergencies, emotional needs, and long-term security, many individuals resist saving into these categories because they labor under the idea that the only people who can save are those with lots of extra cash lying around. They often think, “I can’t possibly put any money away when I struggle just to pay the bills!”
Are you one of these people? If so, think about changing your way of thinking. In The Richest Man in Babylon, George Clason teaches a wonderful way to begin that change by making the following a part of your thought process:
A part of all you earn is yours to keep.
It is false to assume that just because you have a lot of financial obligations that banks, credit card companies, and other lenders are entitled to every penny of your income. If you feel like you can’t find even one additional penny to “spend” on yourself by putting it in savings, don’t give up.
There is hope!
When you create a Spending Plan and track that plan, you WILL find extra money that you have not been using efficiently. Money Mastery coaches find consistently that anyone who tracks their money in a spending plan will find at least 1% of their income that they can begin saving. Many clients when they begin tracking find at least $100 every month that they have been wasting on unneeded or unplanned items. By keeping track of your spending you will easily find an extra 1% per month that you can put aside for emergencies, emotional spending, and long-term savings.
Begin looking for that money today if you haven’t already found it. For more help in identifying all the ways you are using your money inefficiently, contact the experts at Money Mastery today.