My parents taught me many helpful lessons over the years. One of the most important ones was the benefit to saving. It’s because of this that I have been able to live a life of little debt. Saving money is something a lot of people struggle with, due to the fact it’s much more enjoyable to see your money buy things than to just watch the balance of your bank account go up.
Growing up I always used to receive an allowance from my parents. Occasionally, I would spend some of it on baseball cards or something else that I enjoyed. Most of the time I would just save it. Before I had a bank account, I would keep my money in a jar in my closet. I can remember the feeling I had every time I saw the wad of cash grow a little bigger week by week. It gave me that sense of comfort that if there was something I really wanted I would have plenty of money to afford it.
That large wad of cash in my closet didn’t just come overnight. It came from saving a little bit each week over a period of time. It’s that principle that we need to use today when saving for something. Most people are intimidated by the big picture of saving.
If you are planning on saving for a vacation, forget that it might cost your family $1,000. Instead, think about the idea that you could take $20 each Friday and put it in a separate account, you will have saved up $1,000 for the vacation in just one year.