This is America Saves week. Saving money is one of those important things in life. It costs more money to be without money than to have it. For example, if you put an emergency expense on a credit card, the finance charges will add up. But if you had an emergency fund available, the emergency fund might costs less. You can start emergency finds with as little as $1.00 a week. That is $52.00 after a year. $4.00 is a week comes to $208 after one year. Investing is important as well. According to a Forbes report found here: https://www.forbes.com/sites/niallmccarthy/2019/06/03/report-a-quarter-of-americans-have-no-retirement-savings-infographic/
On June 3rd 2019, by Niall McCarthy, a quarter of Americans have no retirement savings. McCarthy reports, “42% of people aged 18-29 have no retirement savings… 26% of 30-44…17% of 45 to 59 and 13% of 60+”
That is a lot of potential wealth left on the table. If you invest just $10 a month for $10 years at 8% you end up with about $1738.41. Granted there is a risk of loss on returns which could be substantially lower or higher than 8%.
AmericaSaves.org is asking people to take a pledge to save. On my employers intranet they posted that it is America Saves week
Save Automatically February 22
Save for the Unexpected February 23
Save for Retirement February 24
Save by Reducing Debt February 25
Save as a Family February 26
I am not married and I don’t have kids. So I am going to modify Save as a Family to Save to Create Wealth for myself. Creating wealth through time whether slowly or quickly is a step to confidence to health of the mind and body because it puts less stress on one’s self. Creating Wealth is a step I have chosen not to snub my family. I love my sister, and cousins and so forth. Merely. I don’t have them constantly in my home as a type of self-esteem support for finance. This is a step that can be treated as goal or if you have a family you can add it as an extra step.
If you want to save but you can’t afford the $4.00 a week, it doesn’t hurt to try. The worse that happens is that your situation gets worse. If you already on a savings track, then good for you. I like the practice. It is a constant discipline to say no to oneself about purchasing that pork loin rib two weeks in a row. I cannot have that other thing I want either. So we will keep going. I heard something from Alux.com. on youtube
‘’The longer you live like your poor when you don’t have to, the richer you’ll become”
I’m not rich yet. But living below your wants and needs might be a step. I am not a financial advisor. Nor do I claim to be one. This is for your entertainment purposes only. A financial advisor or tax accountant is best suited to assist you with your financial decisions.
Written by Rosette Jones