In this life, there is nothing more important than your savings. So here you have five quotes that will kickstart your saving habits.
“How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case.” – Robert G. Allen
Savings accounts work to store your money and in turn, you earn an additional percentage, which depends on the time and the money you have in it. But certainly your money can get stuck if it stays in a saving account too long. There's a very true sentence that says, if you want something to die, you should leave it immobile. But you don't want your money to run out of life, right?
This quote refers to the fact that, if you want your money to multiply, there are other more effective ways you can invest it. There are ways to start investing with little money, with many online and app-based platforms, making it easier than ever, like Real estate investing, Mutual funds, and even Robo-advisors, if you investigate all of them you'll know how simple it could be. All you have to do is start somewhere. Once you do, it will get easier as time goes on, and your future self will love you for it.
You don’t need to be the Wolf of Wall Street to start investing. Even if you only have a few dollars to spare, your money will grow with compound interest. The key to building wealth is developing good habits, like regularly putting money away every month, and one way to do that instead of using savings accounts, is investing.
“Friendship is like money, easier made than kept.” – Samuel Butler
Have you ever met someone, with whom you felt a great connection, but after a few days or weeks, it disappears? It's more common than you think, and always leaves a sense of intrigue about why it was. Maybe because of detachment, or it wasn't the kind of friendship you thought it could be.
The same thing happens with money! It's always a great feeling when you get your first salary or when the collection date arrives. But sometimes, if you are not careful, the money can fade away the way it came. There are so many attractive possibilities on which you can spend your money that, at times, it becomes impossible to let them go.
So it's always a good idea to have a plan that works for you to divide your income into the things you need, and the ones that will benefit you, so when the money arrives, you don't feel like it just fades in your hands. Saving money is a difficult habit at first, but it's necessary for the future of your life plans.
“Do not save what is left after spending, but spend what is left after saving.” – Warren Buffett
On any financial planning, saving must be the priority. If you save just the amount of money is left after you've spent a lot on everything that comes up, surely it wouldn't be a considerable cipher. Of course, it's always better than nothing, but when it comes to personal finances, you need to establish rules and goals for you to improve every time.
There are too many things you can spend your money on, and they'll always turn up, so if you are not strict with yourself you will not have such effective results. You can start by doing your accounts and setting goals, for example, "this month I will save 5% of my income, next month 8%, and next month 10%" and so on, with the amounts you want or can, the important thing is that your savings don't stay static and increase more and more.
It's important to do the planning because it is known there are expenses that need to be paid, and you must do yours based on this so you can cover them, and at the same time have enough money left over for your savings. What may be left out are unnecessary expenses such as purchases you can make later, excessive spending on entertainment, and spontaneous purchases that you suddenly think are a good idea, but that's just for the moment.
If you still don't know the reason why you're saving, it's enough to think you will eventually have some kind of goal and want to use your money to fund some kind of lifestyle… So you better start saving for that now!
“Prosperity is the fruit of labor. It begins with saving.” – Abraham Lincoln
Saving is one of the most important bases of your life and your future. Without guaranteeing this, you would be living adrift and without security. In addition, most dreams regarding material things must be based on having a certain amount of money, so without this, they will be almost impossible to accomplish. Saving money can help you become financially secure and provide a safety net in case of an emergency.
Additionally, saving money can help you pay for large purchases, avoid debt, reduce your financial stress, leave a financial legacy, and provide you with a greater sense of financial freedom. With so many proven benefits, saving money is one of the best financial habits you can adopt.
You must develop a budget using your net income as it reflects your take-home pay after taxes and dedications. A common mistake people make is developing a budget off of their gross income. It’s a mistake because you're budgeting money you never possessed. Remember your potential savings is the difference between your net income and your expenses.
Your labor is like a plant that needs to be cared for, in order to obtain its fruit, especially in the future. And one of the best cares you can give it is, to save money.
“You can be young without money, but you can’t be old without it.” – Tennessee Williams
Imagine your older years, the times when you'll just want to be carefree and calm, everything you would like to do and how you imagine your life. But none of that will be done itself, you need to have a good plan, and of course, as much money as possible.
In order to achieve that, you need a good retirement plan to cover all the necessary expenses and not only that, also provide you with security knowing that you have additional reserves than those predestined for your plans.
When it comes to saving for retirement, a disciplined plan of socking away even a small portion of savings each month can easily add up over time. Many brokerages offer no-minimum, no-fee retirement accounts that let individuals make automatic monthly deposits.
It's never too late to start saving for retirement. Those late to the game may need to work a little harder to catch up, but it can be done by cutting down on household spending in order to channel more funds towards retirement savings accounts. Skipping the occasional dinner out can save hundreds of dollars over the course of a year.