Excuses. Everybody has one. Except, how do you feel about that excuse when your furnace goes out? Or you’re told you need a new roof? Maybe that ‘excuse’ doesn’t feel quite so important. I ran across a smart piece from the folks at MSNMoney.com this week on reasons that people choose not to save, and most importantly debunking those excuses.
I hear it all the time, “I’ll earn more in the future and save then.” Did you know the accrued interest on just $1,000 is $10 for one year vs. $350 for 30? Why not sock that away today? What about, “I’m expecting a big inheritance.” Well, people are living longer and medical bills are getting more costly. Lastly, “Saving and investing don’t earn any money.” Let’s revisit the first part of this paragraph. You call 35% (with SmartyPig’s 1% APY) in 30 years, not earning money?
Cut the excuses and start a new goal today. It’s easy and we promise you’ll be glad you did!
Wishing you successful saving.
Sarah Foss, SmartyPig’s Media Mad Woman