Do Not Save…
Warren Buffet once stated, Do not save what is left after spending, but spend what is left after saving.
Important words from the Billionaire investor, but sometimes saving money is easier said than done for those of us who aren’t one of the wealthiest people in the world. It almost seems counterintuitive to not spend money. Because, money is meant to be spent, right?
This is why we recommend teaching children at a young age the importance of saving money (feeding that piggy bank as soon as they get money), whether it be for a rainy day, or to purchase something bigger and better. Start early so it becomes easier. See this post about why its important to have saving goals!
Teaching children also prepares them for the inevitable obstacles they’ll face when they embark on their savings journey, like the temptation to spend it the moment you get it.
Too Much Temptation
So much temptation, so little time. The food, fashion, and fun choices out there are endless.
We live in a society where many view shopping as self-care, and the online ads are there to remind us, bombard us, in our emails and social media accounts to the point where we confuse wants with needs.
Teach kids to resist instant gratification and save! This will build their resistance early for when they become adults.
Living Above Your Means
There’s so much temptation to impress others with expensive clothes, a new car, picking up the bar tabs, jet setting around the world, or living in that luxury apartment in the trendy part of town.
Also, the easy availability of credit leaves us with a false sense of financial security (so much to unpack here… we’ll save this for another day).
Living above your means will not allow you to save.