I'm a member of the United States Senate Federal Credit Union because years ago I was a Congressional intern and I thought it wise to keep the account. A credit union is a good place to seek loans for big purchases such as a car or house, etc. Often the rates charged to payback the loan are lower than at a bank. So monthly I receive a newsletter with helpful investment tips from the credit union. I will sum up one of the stories for you, my lovely readers: The Habits of A Successful Saver We Can Adopt
1) They pay themselves first - Along with your bills, commit to your future and set a monthly sum aside in a savings account as if it is a bill. Pay yourself first before any discretionary spending.2) They automate their savings - Make your savings automatic so it comes out of your paycheck before you have spent it.
3) They know the difference between their wants and needs - Figure out what's important to you ... both for now and in the future. Don't live paycheck to paycheck. Match your lifestyle to your future goals.
Well now ... it's what the THE SAVVY SHOPPER preaches, isn't it? As much as I love designer goods and jewelry, I browse far more often than I buy ... and I never buy merchandise overpriced for the name. For these reasons, I'll never own a Birkin or Chanel double flap bag, and I never buy the huge diamonds, sapphires, rubies, or emeralds I covet. That's not to say we can't save up for quality leather handbags or gems of more modest sizes to bring a bit of sparkle into our lives. Material things should always fit our budgets and lifestyles. 4) They live below their means - To reach your goals, pay attention to what's going on with your money so you keep your priorities in line. With an eye on both your present and future, be practical like THE SAVVY SHOPPER.😉
5) They don't waste money -- ever - Wasteful spending includes paying for convenience like ATM fees; eating packaged sliced and diced fruit; or buying merchandise without comparing prices and/or deals.6) They find deals everywhere - Cheaper car insurance, low-cost cell phone plans, lower rate credit cards, cheaper prescription drug prices and groceries.
7) They keep track of things - Know how much money is coming in and exactly where it goes out. Track your spending and hold yourself accountable, Sister! Mister!!
8) They know when to say no - Asking yourself one simple question every day can have a huge impact on your money — both now and down the road: Is it worth it? For me personally, on Chanel or Hermès handbags, or a 10+ carat gemstone, the answer is no. But how I love playing with them!9) They don't care what other people think or do - Live a life that involves the right people, habits and behaviors. Don't worry about the trends that other people spend their money on.
Let me add the wisdom of Eleanor Roosevelt, who once said: "You wouldn't worry so much what others think of you if you realized how seldom they do."🙂
I hope you find my summary of the article worthwhile. It puts us in the right mindset to become better savers and responsible with our money. Simple, understandable, not as dry as the original ... and doable. You're welcome, my lovelies!💋xoxo
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