I have talked on and off about the importance of saving since I began my blog in July but how many of you have began a savings plan? I know you may be thinking that you cannot save money right now because the United States economy is in a recession but if you are still making the same amount of money you were making a year ago, and if your expenses have not went up drastically then you personally are not in a recession so now is the perfect time to start saving money.
If you do not have a savings account, stop procrastinating and open up one today. I used ING Direct to set up an automated savings plan that is withdrawn out of my account every Monday. I automate my savings so I do not have to think about transferring the money, and so I cannot make excuses like I cannot save as much money this week because I have this bill or that expense. Even if you automate your savings plan to save $10 per week or $10 every two weeks set one up.
When I was in college I can remember a financial guru coming into the church and talking about the importance of saving money. As he rambled I thought to myself that this man does not have a wealth mindset. I am going to create businesses that will give me a residual income so that I can just deposit a lump sum of cash. I mistaken thought that money would come to me by the truckload instead of through tributaries. You see even if money comes to you by the truckload if you do not have a savings plan in place that truckload will be spent before your next pile of cash rolls in.
Money seems to exit as quickly as it enters. If money is gained over time then that money is spent overtime. If that money is inherited in a lump sum then the money seems to vanish just as quickly. Trust me, I burned through a million dollars in one year. Developing a savings plan is extremely important because money is magnetic. The more you have the more you attract. Stop procrastinating and begin saving a percentage of your money before you go to bed.
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