Okay my awesome readers and listeners; if you have not yet subscribed to our monthly newsletter please click here to do so. Below is what I shared in our October Newsletter.
So when it’s appropriate to start saving money?
Lately I have been thinking a lot about the importance of developing the habit of saving money consistently. It is important to make yourself develop a habit when it comes to saving money. You need to make sure that your relationship with money is very positive.
Just like if you don’t respect your business it won’t respect you, so as your money; if you don’t respect it, guess what? It won’t respect you. Think of money like you think about your business. There are things about your business that you want it to do for you. One, you want it to generate profit for you. Two, you want it to last longer, maybe generation after generation, and to be a multigenerational ongoing business. You want it to bring value not only to your customer, but to you too. Nobody wants to invest on things or projects that won’t help to grow his or her business.
The best way to help you with developing this saving habit is to find a purpose of why you need to save the money for instance. It will force you to want to get into this habit and actually save money, and it’s all because you have a real purpose to dedicate your money to, so that you can accomplish it. To me it makes sense that way. If I need to save 10 percent from my income I need to know where it is going to. If I save it without knowing where it’s going to, I may get tempted to use for something else that may not be a priority, or may not help me achieve some of my goals and plans I want to accomplish in life. Continue reading “The Saving Habit”