Eleven Dumb and Dumber Excuses Not to Save Money
Published June 15, 2012
Bankrate.com
"Saving is about mindset," says Bob Morrison, principal at Downing Street Wealth Management LLC, a financial planning firm in Littleton, Colo. "It doesn't matter whether you make minimal dollars or a significant amount, you should save a certain percentage and learn to live within that income because you have a responsibility to provide for yourself and your goals for the future."
With that in mind, here are 11 lame excuses not to save money and why they don't work:
I can't afford to save. "People work hard and feel they deserve to live in a certain neighborhood and drive a certain kind of car, but they don't understand that that (spending) comes out of the cost of other things," Morrison says. "If someone has too large a house payment or car payment, it's like a cancer. You want to get rid of it immediately and get on the path to appropriate saving levels."
I'll be earning more in the future, so I'll save then. The problem with this thinking is that tomorrow might not be rosier, or tomorrow's expenses might rise to consume any additional income.
A better approach is to put a little now into a savings account and increase the amount if that pay raise comes through next year, Morrison says. "Try to live on last year's income with today's expenses," he says.
Inspirational Quotes@Inspire_Us from Twitter:
All glory comes from daring to begin. -Alexander Graham Bell
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