Saving Starts Now!

Thursday, July 21, 2016

Ever had that moment where you really wanted to do something that you thought would be so fun, but you spent all of your allowance already and your parents weren’t giving you extra to teach you a “lesson”?? Just irks your nerves that they hinder you from having fun??

Well in all honesty I’ve had that moment where I needed or wanted (depending on who is telling the story lol) money to go do things for myself or to go spend time with friends and no one would give me the money or sometimes we didn’t have it. But low and behold my mom “Rose” is always a woman with a plan. Since I was young, my mom opened a savings account for me especially for just in case purposes. So picture the event– it’s 2001 and B2K is one of the hottest bands out and they are coming into town with IMx… Big deal for a 7th grader back then… Word Up! Magazine had us all have our posters plastered on our bedroom walls. All of my friends and I had the cd in our boombox playing for what seemed like nonstop until we knew EVERY word to EVERY song… So they’re coming into town and at the time my mom is pregnant with my sister and my step-dad’s job laid off several people due to cut backs.. I wasn’t trying to be selfish and ask for money when I knew money was tight, but I really wanted to go.. So what is a girl to do??

Well mommy let me get the money from my savings account.. At that time she had me with a comfortable amount for rainy days THANK GOD!!! Because we had an amazing time- Definitely one for the books. But what does that have to do with saving??

Well a few years later when I started working in high school, my mom always admonished me to save at least $5 from every paycheck and to not touch the funds. I made up excuses (like any teenage girl does) as to why I couldn’t do that goal.. BIG MISTAKE!! As the years rolled by here came graduation dues, Senior trip, and then college. Half the time I was going paycheck to paycheck because school limited my hours and I was constantly needing money just to handle everyday affairs.

Had I had listened to my mom, I would not have struggled to take care of my self my senior year of high school. Let’s put it this way $5 per week, 52 weeks in a year from age 16-22= $1820 I would have had for rainy day money. Just dumb now that I think back.. Now later I’ll tell you why I hate asking people for money (but that’s another story) but anywho I had to ask my mom for help one day and I broke down and cried because I knew she had been right and I could have been more responsible.

Advice of the Day: GIRLS LISTEN TO YOUR PARENTS!!! Sometimes it spares the heartache! Lesson learned!!!

So now here I am maybe 5 years later and I am sitting quite “comfortably” from applying my mom’s advice:

After every paycheck save at least 10% for savings. Now when you’re in high school sometimes that’s not possible so stick with a goal of $5-10 until you can adjust to your circumstances.
Do your very best to NOT touch the money you save. For trivial matters, such as a new outfit or new fad that’s out- those do not count as emergency fund situations!! Trust me when your account builds then you will feel a sense of accomplishment and pride of yourself.
If possible, create a petty cash savings as well. Save some money that can be on hand that is quick to get a hold of for those non emergency situations. For a few years, I had about $200 hidden just in case I wanted to buy a cute outfit or what not.
CONSISTENCY IS KEY!!! Try to make this a habit when you are young because it benefits you as you get older.

I have a few friends that are always having to borrow money, or go to a loan office, they have to save some money up or they “can’t do something until they get paid” at almost 30!!! As young women we have to always be prepared for the what if situations- your car could break down or a bill can pop up. One thing I admired about my mom when I was younger was that she was a hard worker and she was very smart with money to the point that at one point in time if an unexpected bill came, she would write the check and it wouldn’t make her even blink twice… I SO ADMIRED THAT!! Strong women have their priorities in order and are savvy with saving…

So if you take nothing else away from this remember this: