By Porsche Miles-Grant
More often than not, people express their inability to save money. Some statements include, “I don't have any money to save.", or "How can I save what I don't have?" But saving is not what you do after you have spent. Saving is what you do before you spend. It's called, "Paying Yourself First!" Aren't you just as important or if not, even more important than Uncle Sam? If you can take a portion out of your pay check to pay taxes, shouldn't you also be willing to take a portion out to secure your financial future? The answer is yes! You should be saving. According to research, the recommended percentage a person should be saving from their paycheck is 10%-20%. This means if you make $1000 every two weeks, you should be putting away $100-$200. However, in order to save, you need some essential tools to do so.
First, you need willpower and determination. Make up in your mind you want more out of life and you will take the steps to do so. We all know that doing the same thing but wanting different results is classified as "Insanity". So we must change our minds.
Secondly, have faith! Know that as long as you can believe it, you can achieve it. It just takes work. As long as you think negatively, you will never grow. You must change how you see yourself and your future first. Once you are able to be optimistic about your finances, your actions will reflect your thoughts.
Thirdly, do the work! Make a plan, a budget, a spending plan that lists your income and all your expenses. However, before actually paying for anything, put away that 10%-20%. Doing this first, helps to secure your financial future. Now, with whatever is left over, you will have to learn how to sacrifice. You may have to go from premium cable to basic, or from an iPhone to a Metro PCS. Little sacrifices as such, allows you the extra money needed to pay for your necessities. Remember, it won't always be like this, but for now, this is what you have to do.
Lastly, stick to your plan and review it bi-weekly. See if there are things you may need to adjust or consider. Let's say you have finally paid off that Visa card. Use that payment and put it towards another bill. Never look at the additional money as free money. Until your finances are in order, you can always use it towards something else.
You have the ability to save, you just have to put forth the effort. Everything after that is history. I wish you luck, and look forward to your financial success.
Porsche Miles-Grant is the Community Engagement Coordinator at
CASE Credit Union. Contact her at 517.367.1001 or send an email to Pmilesgrant@casecu.org. Log on to www.casecu.org for more information.
This was printed in the February 7 - February 20, 2016 edition.