‘How are your savings doing?’ is not a question about how much interest you are getting. It is a question about IF the savings are there in the first place! In a world where one in five of those in employment have only £500 saved for emergencies and 25% have nothing saved against any ‘rainy day’, it is a relevant question to ask.
At the beginning of every year, a lot of people ‘resolve’ to save more, spend less and possibly get out of debt. Well … the first half of the year is almost over so again … ‘How Are Your Savings Doing?’.
Gerald Grimes of Hitachi Capital Consumer Finance once said “It is very easy to spend a little here and there and find that when you get to the end of the month, you have burned right through your salary.”
Saving is a habit that is formed through practice not just by knowledge, wish or mere desire. Information alone will not change your financial behaviour but putting what you know into action is what will put you ahead in life.
Saving money is ‘maturity’ activity. It shows you can disciple yourself to actually carry out what you have proposed to do.
Saving money is a patience issue. Patience to save and have the funds BEFORE buying an item! It also shows that you have a plan and you are prepared to do what it takes to work that plan instead of spending all that comes into your hands and depending of credit for meregencies.
It is not too late to begin saving. Put your backbone to the task and save!
As always, your comments and questions are welcome.