Money Saving Tips
Posted in Personal Finance
For any working and driven professional, there is the unavoidable issue of not having enough money until you reach a certain amount in your savings. For some people it means that they will need to spend less and save more but for others, it generally signals a change in lifestyle.
There are times that people change their mind or their circumstances may choose to do that for them. You might have different influences over the course of your career which will inevitably lead you to a much different position than you've dreamed of. The changes may be regarding personal perspectives or your needs. One of the best examples are major life decisions such as moving from one state to another.
One executive which worked for the Wall Street Journal reportedly had a rude awakening when he and his wife one day looked at their meager savings in the bank: roughly $15,000.00 for their entire liquid fund. That particular balance left both of them feeling that what they had on hand was not particularly enough in the sense that they might be devastated in the light of a financial crisis.
The money was simply not enough for them to cover the cost of a life-threatening diagnosis by the doctor or a serious accident. That emergency money never felt like it could promptly address an emergency. For the normal working employee, that particular amount was not enough for the sole reason that it could barely cover an emergency crisis situation.
That $15,000.00 would be barely enough to cover expenses for several months and the thought of simply blowing it all because of a diagnosed illness or any particular emergency at all. The couple then decided that it would be best if that figure doubled so that they would be able to be financially secure when something bad happens. It was a random number but it was an amount that essentially made them feel that their account is solid and accessible.
True enough, something unexpected happen but it was not negative. There was a time that the couple eventually moved to the South in order to fulfill a longtime dream. This was one of the big decisions that the couple faced in their life. Another was the arrival of a baby and this gave both of them a big enough wakeup call so that they would be able to double the amount in their savings.
Now, that relatively meager $15,000.00 is now over $30,000 and there are a lot of different other considerations that will most likely push that amount higher over the years. This is about being financially secure and having enough available liquid money that you can readily access. Without this, the couple would not be able to sleep well or maybe even plan for their future. The moral of the story is that we should save what we can as much as we can. There is wisdom in saving and everyone needs to make it a lifestyle not just for oneself but for those around us as well.
