Financial Focus 101!
Plant the Seeds of Savings, by Katherine Sanders
LEAVENWORTH, Kan – I would like to follow up on my soap box stance on the American in-ability to save money. I noticed that it may have taken the form of preaching, so I wanted to take another stance…balance. There is a time and a place for spending and saving. When I really want something, I usually come up with a savings plan for how I will get part of the purchase price or even all of it. The delayed gratification that one receives from not over indulging will only make the saving process easier the next time.
I recently spoke with a woman I respect about the ‘American Way’ which I defined as getting all that we can. There is the; I see it, I want it, I am going to get it problem in this country. I feel that there is nothing that I want that I cannot have. It is always important to remember balance in spending and saving.
Here is the important way to gain balance, listen closely. Large purchase items should require a personal dedication to save a set amount up front. People say that they buy things on their credit cards for the rewards offered by the company. This is my recommendation for how to get what you want and save for what you will want in the future. I recently bought a way too huge television; I did not need it, I wanted it. The total purchase price was $700 and I decided that I was going to save 30% on the total price before purchasing the television. I saved until I had the $210 and then went to the store to buy my treasure.
I did in fact purchase the television on the store issued credit card in order to receive my promotional 12 months same as cash. Yet I immediately paid the $210 on the first bill that came in the mail. This took the remaining balance to $490 and I had an entire 12 months to pay the rest off. The important point to remember is it is alright to spend money on you. I believe that it is alright to buy that new pair of shoes or new power suit. Set aside a ‘me budget’ on a monthly basis. I spend $75 dollars on myself every month. It makes saving easier if you do not feel deprived.
When the time comes to buy big ticket items try to decide on a savings plan before going to the store. The balance between spending and saving means to be realistic when spending and to be realistic when saving. Go ahead, indulge yourself in something nice then put the next pay check in the bank. The process becomes easier and no two people will settle on the same circumstances. Take the time to become dedicated to your spending habits. Take your money personally; it is the life line to your life. And anyone who says that money cannot buy happiness has never been in a coach purse store!
Plant the Seed of Savings: It’s Easy!
1. Save 30% on all big-ticket purchases: this may mean a lower monthly payment or lower payback period
2. Indulge yourself, on a budget: remember to save money for you but only spend the saved amount and once it’s gone….it’s gone
3. Remember to keep a balance between spending and saving: use the need vs. want rule. Needs come first then decide the best way to get the wants in your life.
4. Enjoy and spend wisely!!!