Many Americans do not have a savings account. This is a problem for many reasons. First, if they are laid off for fired, they do not have a nest egg to get them through the rough months. Secondly, what if there is a major crisis – health, home, whatever, how are they going to pay for it? Thirdly, what about retirement? The majority of people will not have the ability to work for the rest of their lives in a way that supports the way they live now.
But how do you save? People do not want to give up the extras they have come to enjoy. That morning coffee at Starbucks, the larger screened TV, the outfit they just had to have. But when you add all of these items up, and then you look – realistically look – at what you need to live and what you don’t, you will see wasted money.
Look at your spending, all of it. All the extras you purchase during the day, and come up with a plan to get yourself out of debt and into savings. Pay off those credit card bills, that will give you a large portion of income alone as between the fees and the interest they are swallowing you whole. By coming up with a workable budget, everyone can save for that rainy day. ■
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