Be Like Mike: Retire with Confidence
September 13, 2018
Why Small Business Optimism Matters
September 21, 2018

How to Be Patient When Saving Money

Did you know that the vast majority of Americans don't know where they stand financially compared to their goals?

Saving money is hard. It takes patience and discipline, two things that aren’t a whole lot of fun.

And while there is no easy button, I do have some tricks that might make your journey a little easier.

Hi, I’m Bradford Ferguson with Halter Ferguson Financial. Can you imagine this? We were all children once. I’d bet dollars you remember one of your elders telling you to either “cool your jets,” “chill,” or maybe “relax.” And if you have children, you know exactly how frustrating it can be to try and teach patience to a three-year-old that’s acting like a teenager.

Let’s face it, none of us WANT to wait. We want it now! And when there are so many things we want or need – all of which seem to cost money – saving cash can be especially difficult. Whether you are saving for the down payment on a house, to buy a new computer, or for retirement, there are a few tricks that can help.

Number One: Automate it!

Most employers offer direct deposit. And most will let you deposit into more than one account. Set a portion of your income to automatically go into a savings account, or into your 401(k). If you never touch that money, there’s much less temptation to spend it.

Number Two: Make it a habit!

Saving money instead of spending money is a habit. It takes work at first, but then it becomes second nature.

Number Three: Income increases, so do contributions!

When your income increases, so should your contributions! Instead of spending it, save it. If you get a 3 percent raise, the money you’re socking away can increase too. You’ll hardly know the difference.

Number Four: Keep your goals in mind!

Ever heard of someone putting a picture of themselves in a swimsuit in front of a fridge to keep from snacking? It’s the same thing. Keep your goals in mind and remember why you’re being patient, and what the eventual payoff will be for you.

So remember, patience is hard, but a few things make it easier. Automate it – utilize direct deposit. Make it a habit – so that saving is second-nature. And when you get a raise, increase your savings. And remember the reason why you’re doing it. We all can do this.

So now that you have some tips to help making saving easier, do you know how much you need to save for your goals? It's a tough question, and a Custom Financial Blueprint can answer it!

Comments are closed.