Economic Perspectives with Hopeton Hay on KAZI 88.7 FM in Austin, TX

Young Money Today: Saving

Posted by Hopeton on April 18, 2011

By Nikki Green

Save, save, and save again.
Growing up, I was not the richest kid on the block. My family scraped and saved for EVERYTHING! Needless to say, I was product of the “saver- breed”. My mom was pragmatic, yet unrelenting in her endeavor for us to save. Funny thing, we did not have allowances. We worked for every dime we earned. By the time I was in middle school, much to my peers’ surprise, I managed to put away enough money to buy my own school clothes, supplies, and bunch of other stuff. That all changed when I got to college.

Nikki Green

It was like no matter how much I tried to save, it all went somewhere. Was it easier to save money then than now? It got me to thinking about saving and what it all really means. Some people save just to save. They say, “I’m saving for a home”. Well, that great… but what kind of home? Where, how soon and how much? This, my mom and many financial experts would agree, is the worse way to save. Yes, it is important to save money for your future. But what is your future? What do you want and how soon do you want it? Smart savers are strategic! They do not just throw 10% of their check in some average interest yield account. Smart savers know it is not just about reaching a financial goal. Smart savers know that saving means planning for short term and long term requires a monk like discipline.

Here are just 2 tips for smart saving. One, have a goal; not just any goal, but a goal that is hard to reach but reachable, identifiable, and valuable. Two, get out pen and paper, computer or iPad and get to jotting down how your saving will get you there.

For more rants on personal finance,
Nikki Green
nikkisgreen@gmail.com
Happy savings!

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