Childhood lessons on saving

By Carol Chandler
Contributing Writer
Union County Post

The greatest lessons about saving money hit us when we’re kids, especially from nursery rhymes, like Simple Simon, who never had money. Always spending, never saving. Then there was the old lady who had to live in a shoe because she relied totally on Social Security. And of course Humpty Dumpty would have fared much better had he put aside a little cash for his long-term healthcare. They are all good lessons to remember.
However, we must also remember that saving for your financial future is no fairy tale, because if you don’t have a goose that lays the golden eggs, you better choose to save.
So how can you stay disciplined with your savings? Try the following tips:

• Just do it! Pay yourself first! Treat a payment to your savings just like a bill. Pay it on schedule and don’t skip payments.
• Gather all important financially-related documents and receipts to a central location. File them so you will be able to easily find the items you need in the future.
• Consider a computer based financial program so you can keep track of every dime you spend - financial control is a special form of power!

Are you spending every dime and more? Start by cutting back on a few items per week and putting away that money. You don’t necessarily have to give up things completely, but maybe you will go out to eat less often. Go bowling once a week instead of twice, rent movies once a week instead of several times. This strategy only works if you then make a conscious effort to put the money that you would have spent on that item into savings. Just say no to spending more than you have.
Ask for direct deposit at work if they offer it. That way, you are saving money, and you don’t even see it. A savings plan at work that pays you a “matching contribution” is the fastest way to save. Remember to pay yourself first!
Do not use credit cards. Force yourself to pay cash so that you can track the dimes. You will never have a late payment (now as much as $75) and you will never pay interest to others at the very high rates credit cards charge.
Financial freedom will be worth everything you put into it. If you don’t want to work forever – choose to save!