America Saves Week 2020 is still a month away, but we don’t want you to have to wait that long to get savings tips that will change your finances.
Many of you don’t save money because you think you can’t or that you don’t have the money. The truth is you do have the money – you’ve just promised it to other people or have things that you believe are more important that you need to use it for. But there is nothing more important than making sure you have an umbrella when the storms of life come through.
I don’t want you to have any excuses for not saving so here’s a tip that you can use today to get started. Take $10 – from your account, your couch, your car, anywhere – and put it in a savings account. (You have $10 and you know it!) If you don’t have a savings account already, you can open an online savings account in 2 minutes . It’s okay to start small – you just need to start.
And if you really want to build wealth, set up an automatic transfer for another $10 every paycheck. Doing this forms the habit of savings and when you develop this positive habit, you will want to do more and more, building wealth along the way.
So no more excuses! $10 is all it takes to change your finances forever in a positive way! You’ve got this!!
There is one thing I can guarantee you – no matter where you live, it is going to rain. Maybe just one day a year, but it will rain. When it rains on you, are you prepared with an umbrella or are you going to get soaked?
The same way it will rain on you literally at some point this year, it will also rain on you figuratively. Something unexpected is going to happen. An emergency is going to happen. Life is going to happen. Do you have an umbrella or are you going to get soaked?
Right now, many people in this country are wishing they had an umbrella – even a small one. It is raining on them right now. They are not getting paid because of a situation that they couldn’t control. Some were prepared, but many were not. Some will be able to continue to pay their bills and put food on the table, but many will not. This is just an example of what happens everyday in this country and in our lives. Life happens – some things we know might happen and some things we have no clue are going to happen. This is why an emergency fund (umbrella) is so important. If really should be the number one priority in your finances.
So how big should your umbrella be in order to not get soaked the next time it rains. Ideally, you want to have one year of expenses set aside. But start somewhere, even $50. And just keep building it. You want to get $1000 to $1500 as soon as you can. This way you can handle a sprinkle if it comes through. Next, set aside 3-6 months of expenses. This will cover a regular rainstorm. And then save up to one year of expenses. This size umbrella will cover any storm that comes your way – sprinkle to hurricane.
It is going to rain this year. Are you ready? Today is the day to start. Whether you are starting at the bottom, or building what you have into a bigger umbrella, today is the day. As people find out each and every day, you never know when a storm is coming. The best thing you can do is be prepared. Having an umbrella can be the difference in the rain being just a little nuisance and it being a drowning storm.
Listen to Debbi’s podcast on this subject and so much more.
I am currently sitting in the Atlanta airport waiting to catch a plane home after spending 4 weeks in SC taking care of my parents. As I am sitting here, I am reflecting on how financial freedom played a role in that. You see, most people wouldn’t have been able to leave their home or their job for 4 weeks to do something, even if it was necessary like my situation was. However, many years ago, I had a big aha moment and realized that debt wasn’t taking me where I wanted to go. So I developed a plan to change all of that. And now, I enjoy financial freedom – the ability to not worry about being away from home for 4 weeks. Most people would not be able to leave their jobs – most can’t go 4 days without pay, much less 4 weeks. Financial freedom has given me the ability to own my own business and have no worries about whether or not I could afford to be away. When I got the call and needed to be there to take care of my parents, it was a no brainer – something that financial freedom brought me.
I want that for all of you. I want y’all to be able to not have to worry when life happens. Today, I am going to share 5 things that you can do immediately to begin the journey to financial freedom – there is no need to wait. Let’s talk about them.
- No More Excuses – You need to stop all of your excuses as to why you can’t get out of debt, save money and also stop your “reasons” as to why you “need” something now and it just can’t wait. We all have an excuse bag. I had a huge one. It’s a bag that we carry around every excuse in the book in and are at the ready to pull them out when needed. Stop being a victim. Stop making excuses and start making a plan to pay off your debt, build your savings and reach financial freedom. I did it with $200,000 in debt – you can do it!
- Save Something – We all have an excuse as to why we can’t save money. But without saving money, you will never have any extra. Do you think I reached financial freedom without saving for a rainy day. You need an umbrella – it is going to rain and like most storms, there won’t be any warning. Start somewhere today – automate $10 to come out of every paycheck – today! No matter how much debt you have, do this one thing. And when you build that muscle up, raise it up and soon you will have a rainy day fund that can cover any emergency and like me, you will be able to jump on a plane, no questions asked, and help someone.
- Live Within Your Harvest – This simply means live within your means. We reap what we sow and what we sow is our harvest. What you earn is your harvest. If you keep borrowing against a future harvest, you are going to owe more than you can possibly pay back. Stop using debt today. If you stop today, and just pay your payments, you will eventually be out of debt even without a plan. A plan will simply get you to financial freedom quicker. Stop using debt to get what you want. Debt will never bring wealth.
- Develop a plan – No one builds a house without a plan and you will not build wealth without a plan. Whether it is a plan to get out of debt, a plan for retirement, a savings plan or a spending plan, you need plans in your financial life. Don’t go through life willy nilly – living on what’s in your head. Develop a plan and you will have success in all areas of life.
- Believe in yourself – If you don’t believe you can, you won’t. It’s that simple. Believe you can reach financial freedom. I believe you can because I did and if I can, anyone can. Believe you can and you will.
These are 5 things you can start today that will bring you wealth and financial freedom. They are the top things I did when I decided to pay off $200,000 in debt. It wasn’t instant and it definitely wasn’t easy, but it was worth it. Financial freedom will bring you a peace beyond understanding and especially in those moments like I have had recently. Financial freedom is worth every sacrifice. It is freedom!
Listen to Debbi’s podcast episode on this topic right here!