Let’s face it, creating and maintaining a money saving mindset can be difficult.
Developing a “Saving Money” Mindset
It may not be easy. It may mean making difficult decisions. It can take time. It requires discipline. But the benefits can be life-changing and provide you with a certain sense of security and peace-of-mind. It is one of the most beneficial financial habits you can develop.
It helps to:
- Relieve stress in times of financial pressures. Unplanned household, automotive, or medical expenses. The loss of a job. The birth of a child. The death of a spouse. Instead of having to rely on a credit card, using your savings is the least expensive option to cover these types of unexpected expenses.
- Plan for future expenses. Think about going on vacation, purchasing a home, or paying for college. These are significant expenses which require pre-planning and budgeting. Mortgage lenders will require a down payment. Having money set aside for these “larger” ticket items will reduce the overall cost of the purchase.
- Prepare for retirement. While retirement may seem far away, the earlier you start saving, the more your investment will grow over time as it not only appreciates in value, it earns interest. Talk with your employer about employer-sponsored retirement plans such as a 401(k) or 403(b) and explore other retirement vehicles such an Individual Retirement Account (IRA) or Roth IRA.
The greatest benefit of developing a saving money mindset is it will give you financial freedom!
When a friend asks you to go to a concert or on a week-end get-away, or you want the latest smart phone or electronic device, you have money set aside and don’t have to think twice about how you could finance it. Saving money may also help you pay down larger debts like student loans, a mortgage or a car loan quicker, allowing you to then focus on your next financial goal!
“Don’t save what is left after spending, but spend what is left after saving.” ~ Warren Buffet
A Journey to Personal Financial Success
At Morgan Franklin Fellowship (MFF), we support the concept of financial freedom – by teaching participants how to save by paying themselves first, invest for their future and grow their net worth.
Learning how money works and how to talk about money with others are the first steps towards recognizing an individual’s lifelong financial goals. Our online programs, podcasts, blogs, and book reviews and resources are designed to help you learn the concepts, rules and vocabulary of money, finance and investing.
Becoming an MFF Fellow
Our Standards of Financial Literacy – Learning about money series is engaging, full of interesting information, and easy to navigate. Adapted from the National Standards for Personal Financial Education developed by the Council for Economic Education (CEE), this robust curriculum features six short lessons on such important topics as earning income, understanding the value of saving and using credit. When completed, this program lays the foundation for becoming an MFF Fellow.
Becoming an MFF Fellow is the ticket to access additional MFF programs and opportunities for mentoring, networking, internships and real-world opportunities. Hear from the MFF Fellow themselves on how these opportunities encourage them to continue their journey to personal financial success.
Learn More about Money
Begin the journey towards personal financial independence today. START LEARNING TODAY