The saying “father knows best” had to stem from somewhere…so when “dad” recommends “9 money tips,” it’s worth hearing out. Dad (Len Penzo) says, “He who dies with the most toys doesn’t win.” It’s a stereotype that most men live to buy “toys,” whether they can afford it or not. Saving for the things that bring you enjoyment makes for experiences to build memories and therefore a rich life. A garage full of toys on credit will add a lot of stress to that equation.
To further that, Dad adds, “Taking on debt today sacrifices your ability to make choices in the future.” You’ll never get ahead by spending tomorrow’s wages today. Maintain control by spending within your means and saving for the things you want. Which brings us to my favorite point, “You can achieve financial freedom regardless of how much money you make.” There are plenty of people earning 6 figures that aren’t financially free. How you spend your earnings largely dictates your financial freedom. Dad goes on to say, “financial freedom doesn’t depend on money so much as it relies on a commitment to fiscal discipline and personal responsibility.”
This is something we at SmartyPig encourage every day. Taking a small chunk of your wages each month and putting it towards something you want and need. Skipping a lunch or coffee and adding $5 or $10 to the pot. It seems small and insignificant at the time…but it adds up and before you know it you are taking that trip or buying that item you’ve been dying for, completely free of debt.
Wishing you and the other emergency savers like you, successful saving.
Sarah Foss, SmartyPig’s Media Mad Woman