Why You Need to Save

This is another old article from Mary Hunt of http://www.debtproofliving.com/




Here's the bottom line: You are either a saver or a spender. That doesn't mean you either have a big investment account or you spend every day at the mall. It's about your mind-set -- your natural bent, your first inclination toward money. And if you are married, your spouse is probably the opposite.


If you are a saver, congratulations. You're way ahead of the rest of the population. If you're not, you should be. And you can be. But first you need to be convinced from the inside out that saving is superior to spending.


In their book "Millionaire" (Renaissance Books, 2001), authors Wayne Wagner and Al Winnikoff offer a few reasons to save that might trigger some motivation for you:


You need to save:


• So your children don't have to live hand-to-mouth like you did.


• So you can open your own business one day.


• So you'll be able to retire some day.


• So you can make a truly significant gift to your favorite church or charity.


• Because you're afraid Social Security won't be there when you need it.


• For a rainy day, just in case.


• Because you have a peculiar affection for numbers with lots of zeros in them.


• Whatever motivates you to think beyond "I want it all, and I want it now."


• So you can walk up to your boss, look him straight in the eye, shake his hand and say, "So long, Joe. I quit."


What you need to understand is that saving is a choice not unlike the choice you make every morning to get up and face the day.


If you're like most people, you don't even realize you're making a choice. Most people don't choose to not save; they just believe that it is impossible for them. If you're like them, you're now saying, "But I just don't make enough money to pay all my bills and save, too!"


Baloney! You do, you can save and you must. You need to start seeing your commitment to saving as a priority -- a monthly obligation as important as the rent or mortgage payment. It has to be something you do first before all the money disappears, not only if there is something left over when you're done spending.


Want to start today, right now? Stop spending coins. Period. Never again spend a penny, nickel, dime, quarter or dollar coin. Never, ever. If the tab is $4.02, hand over $5 and rejoice over 98 cents in change -- coins to deposit into your secret stash every evening.


Check with me one year from today and tell me how much you've accumulated. You'll be shocked and amazed, but, most importantly, you'll get the fever. You'll see how fun and stimulating it is to save money rather than spend it. Before you know it, you'll be saving dollars and lots of them. By the way, I just rolled my coins from last year. I'll be taking more than $500 to the bank tomorrow. But that's not close to my all-time record: $1,102.55 in one year.