It is #FundMeFriday and today I want to talk about the majority of you who constantly say, almost like a mantra, that you have no idea where your money goes. You are convinced that you cannot save because there is just no disposable income left and you swear that all your money goes on essentials. Poppycock!
First of all, before the day gets away from you, pay yourself. Make sure you sock away something in your savings account before all of your excuses come flooding out. Next I am going to tell you a story of a couple that I know. They are my no means an exception or even an anomaly instead, they are the absolute norm. This couple just cannot seem to get their collective asses together. One of them is a two pack a day smoker not to mention buying a daily soda and snack etc so to keep it simple, each pack of cigarettes is about $12 which is $24 per day plus the soda and snacks so we will round it off at $30 per day. Some days it is more and some days it may be less so for this example we will say that this person does not spend another penny on any given day other than what I stated. So put partner one aside for a minute and the fact that they only spend $30 per day. Now let us talk about partner number two who is a shopper. This person is definitely wasteful and has no regard for spending but for the sake of this example, let us assume that this person only spends $25 per day. Collectively, they spend $55 per day times 365 days equals $20075 per year. This number is extremely low and it constitutes unnecessary and wasteful spending. Their actual unnecessary and wasteful spending is probably closer to $40000 but even at the low figure that I calculated of $20075, there should be no reason why there is not any form of saving going on here.
In my example, even if this couple cut out only half of their unnecessary spending, that would leave them over $10000 to save annually. Can you see how just a small adjustment can change your life? I know a couple of people who buy a $7 Starbucks drink every day on their way to work. That is $7 per day times 5 days per week times 52 weeks per year for a total of over $1800 per year for this one item. They have lots of items that are unnecessary but this is just one item. I am not saying to stop doing what makes you happy, what I am saying is to make an adjustment with your spending as easily as you make excuses as to why you cannot save money. For instance, if you still wanted that drink every day before work, get the small one and save half the money. That would be $900 of found money by making a tiny adjustment and not having to deprive yourself of something that brings you joy. .
The point is to be aware of your spending and make adjustments so that you can build a healthy savings account. By the way, the couple in my first example are facing foreclosure. An unnecessary and avoidable foreclosure if they would just make a few adjustments rather than all the excuses.
Most of what happens to us in our adult lives happens at our own hands and most of the things that can and should be fixed is also corrected at our hands. Take responsibility because it is not a punishment rather, it is a correction that can and will change your lives for the better.
Please, if you take anything away from this blog post, I want you to take away that you need to consistently save, even if it is just a couple of dollars per week. In the end it all adds up. Would you rather have a small savings of $25000 in twenty years or a savings account that is overdrawn? The choice is yours, choose wisely.
For those of you who claim that you have nothing, I would like to recommend that you read Made In America. Now, Sam Walton is someone who had nothing at all except for drive and a determination to succeed. Here is a man who knew how to turn pennies into dollars. It is a great book that should be read by all. If you have not already read it, please do yourself a favor and check it out at your library. If you want your own copy for just a few bucks, here is a link to get it on Amazon >> https://amzn.to/2MNUUFC
If you choose to shop in Amazon, I would greatly appreciate it if you could use the link I have provided. As an Amazon Affiliate, it is possible I can earn a bonus and therefore continue to provide continued content we all enjoy. Thank you in advance!
Finally, please stay in the know by subscribing to Lori’s Loop and never miss another posting. You can’t go wrong with constant free life and business advise so please click to subscribe! www.themainhustle.com/subscribe
#FundMeFriday
#LorisLoop
#TheMainHustle
#Entrepreneur
#Goals
#MadeInAmerica
#SamWalton
