How I went from having $12k in savingsā¦
To now ONLY having $3k in savings this year š®āšØ
When I say 2025 got hands, this is what I meanā¦itās okay to not be okay sometimes, and guess what, life happens!!! Every time I turned around, I was withdrawing from my bank account, some were emergencies, while some were needs and others were wants.
After talking with an older person at work, I was just a traveler at that particular facility and for whatever reason, she happened to spark a conversation with me. While we were discussing many topics, one of the topics she spoke on was savings. I love speaking with older ppl who have so much knowledge and wisdom.
She was in her 60s and said she opened a savings account in her 20s and hasnāt touched it. I asked her how that was even possible, she said to act as if it doesnāt exist. She said her retirement is coming up soon and she will be well off. She said she has always worked all her life and even travel every year, have 2 children thatās now in their 40s. Out of sight out of mind!
So you gotta program your mind, just like how you pay your bills and canāt get a refund on them. Treat yourself the same way, pay yourself and forget it exist. If you need more for the time being then you can provide a service, hustle etc selling a craft or doing hair, or pick up an extra shift at work.
Iām now reprogramming my mind as I start all over. As I save, Iāll also try to have some emergency cash in a binder, that way if something comes up, I can run to my binder instead of running to my savings account š®āšØ
So where are you all in your #savings journey this year. Have you met your #savingsgoal or are you starting over this year. Itās okay we got this, itās still 4 months left in the year to get a little something saved!
Managing savings goals can be challenging, especially when unexpected expenses arise. The journey from $12,000 down to $3,000 in savings illustrates how lifeās demands can quickly impact financial stability. Itās essential to adopt a mindset that treats saving like a non-negotiable bill payment, as shared by the older worker who successfully preserved her savings untouched for decades. Establishing clear financial practices is crucial. Setting up an emergency cash fund separately, such as keeping money in a binder, helps avoid touching your main savings account for unplanned expenses. This 'out of sight, out of mind' approach with emergency cash can prevent depleting long-term savings. To rebuild savings effectively, programming your mind to pay yourself first is key. Automating transfers to a savings account right after receiving income mimics paying a bill that can't be skipped. If more money is needed, pursuing side hustles like crafting, hairdressing, or taking extra shifts is an actionable way to boost income. Using budgeting tools to monitor spending habits and categorize expenses helps identify which withdrawals are emergency needs versus wants. This awareness empowers better decision-making and financial discipline. Additionally, interest rates on savings accounts, like a 3.5% yield, contribute to growth over time, especially when accounts remain untouched. Understanding how daily interest accrual works can motivate one to save consistently. Overall, this experience underscores resilience in personal financeāyou can start over at any point, learn from setbacks, and cultivate healthy savings habits to achieve financial security. With about four months left in the year, it's an opportune time to reassess, establish new goals, and steadily grow your savings towards long-term stability.
I'm still trying to catch up on the savings. My ultimate goal is to reach 50K.