Saving and Life

I’m not a big shopper. And when you talk about shopping for something like, say, underwear … ugh. Well, saving money is a lot like buying underwear, you don’t necessarily enjoy doing it, but it’s one of those things in life you need to do just the same, many times out of necessity.

No, saving isn’t fun or exciting or adventurous, but it really should be a mandatory part of your life. That’s because the act of saving can affect your life on a number of levels.

In a financial sense, a well-tended savings account can bail you out of an emergency. Say your vehicle fails or a pipe in your home bursts. With an emergency fund, you’re prepared for such an unexpected expense. Money is on-hand to pay for the emergency so you don’t have to take out a loan or put the charge on a credit card.

How about your mental health? Having money set aside for emergencies offers real peace of mind. It’s very comforting to know that should something unexpected come up, you’re prepared to handle it. You’ll sleep much better at night with money available to you.

I’ve found the best way to save is to make it a part of my life. These days, it’s so automatic, I don’t even think about it. For me, the out-of-sight, out-of-mind technique works best. I have funds taken from my paycheck automatically and put into a savings account; I never see the funds, so I don’t really miss them.

Below is an essay that sums up nicely the power of saving. The author is unknown, but his/her insight is worth sharing:

"Your savings, believe it or not, affect the way you stand, the way you walk, the tone of your voice—in short, your physical well-being and self-confidence. A man without savings is always running. He must. He must take the first job offered, or nearly so. He sits nervously on life’s chairs because any small emergency throws him into the hands of others.

Without savings, a man must be too grateful. Gratitude is a fine thing in its place. But a constant state of gratitude is a horrible place in which to live. A man with savings can walk tall. He may appraise opportunities in a relaxed way, have time for judicious estimates and not be rushed by economic necessity.

A man with savings can afford to resign from his job if his principles so dictate -- and for this reason he will never need to do so. A man who can afford to quit is much more useful to his company and therefore more readily promoted. He can afford to give his company the benefit of his most candid judgments.

A man with savings can afford the wonderful privilege of being generous in family or neighborhood emergencies. He can take the level stare of any man ... friend, stranger or enemy. That ability shapes his personality and character.

The ability to save has nothing to do with the size of income. Many high-income people spend it all. They are on a treadmill, darting through life like minnows.

The dean of American bankers, J.P. Morgan, once advised a young broker: 'Take waste out of your spending; you’ll drive the haste out of your life.'

If you do not need money for college, a home or retirement, then save for self-confidence. The state of your savings does have a lot to do with how tall you walk."

As you can see, saving isn’t just about accumulating money, it’s about how it can affect the way you live. The question should never really be, “Can I afford to save.” It should be, “Can I afford not to save?” If you haven’t already, why not start a savings program today? It will enrich your life with a multitude of riches.

And you’re in luck! During Vantage Credit Union's YOU-niversity of Savings promotion, you could win a $5,000 grand prize or one of six $1,000 grand prizes, just for saving. The ultimate goal is to start the habit of saving. It'll only do you good.