I mean, who dosen't wanna be like Rich Uncle Pennybags?
Oh, don't even act like you didn't know this one was coming...
So, raise your hand if one of the following has happened to you:
- Your computer has crashed and the warranty has expired
- Your car has crashed and the repairs are expensive even after insurance
- You have almost had a heart attack after seeing a brand new pair of shoes in Macy's and realize you've got $10 to your name
- You got fired/quit your job and you have nothing but your last paycheck
- You want to go to Gulf Shores/Florida/NOT UA and realize that your monies wouldn't allow you to last more than a day, let alone a week.
See, this is why you need a savings account.
There is nothing more empowering than knowing that you have a stash of money that you have built up all by yourself, patiently building up interest and holding out for that new car/computer/dress you have been wanting.
But wait, you say, I am usually left with only pennies after I pay my expenses - how do I save on that?
Easy, my friend - ever heard of a Piggy Bank? Yours truly has what I like to call a "visible savings account" - I save all of my pennies, and at the end of the year, I roll them and cash them out for something fun - like a pedicure or a new DVD. It's not much, but it teaches me that I have the power to save. Another story: I remember a savings tale of a young woman who wanted to save up enough money to go on a Mission Trip for spring break. So, beginning in August, she saved $5 out of every ATM transaction and stored the money in her glove compartment. At the beginning of March, she had enough money for a plane ticket, spending money, and souvenirs! Now $5 might seem like a little much for every $10 - $20 withdrawl, but think about this:
Save $10 every month. In 6 months, you'll have $60; in a year, you'll have $120 - and enough to buy Christmas presents.
Or think about it like this: A tall cup of House Blend from Starbucks costs $1.80. If you start making your coffee at home, you'll save $12.60 a week. Then $54 a month. Then $648 a year. Wow...
Saving just a little bit each day can help you out in the long run. You never know when an unexpected expense will arrive, whether it be a car repair, or a medical injury, or the newest X Box Game (do people still have those? Clearly I'm not a gamer!)
So, who's ready to get started?
There are several savings options available:
You can open up a Savings Account at any bank, and there are several to choose from in Tuscaloosa.
Or, if you prefer to handle everything online, look into an online savings account . Online accounts have higher interest rates, since they don't have to pay taxes on brick and mortar establishments. You can set up automatic deduction plans, check your rates anytime, and not have to worry with paper anything.
For more money savings tips, check out this list at The Simple Dollar and remember, all it takes is baby steps. Cut back on your Starbucks habit. Save change by bringing Cokes from home. Borrow a friend's clothes. Eat leftovers. Walk. Become a library carholder.
In fact, here's a challenge. I challenge you (and I'm in this too!) to put away $5 every week until Spring Break. Beginning Sunday January 11, hold on to $5 and stash it somewhere. By the time the break comes, you should have $45,which at the least can cover your share on gas money. Do it, DO IT...
Happy Saving!
Oh - one more thing!
Suze Orman is offering a free download of her new book. Get it before the offer expires on January 15!
No comments:
Post a Comment