Saving is Difficult

I have realized that people have very hart time saving money.  The people I have met at my jobs and friends I have outside of work I like to get to know them financially.  I will have the financial talk with them ask them how much they are saving per pay check, what they contribute to their 401k, and I make them aware of the Employee Stock Purchase Plan that our work offers.  What I have notice from the three years that I have worked there is that the majority of people don’t save much money.

Money should be saved for emergencies, vacations, investments, and whatever else an individual might want.  I will make my co-workers aware if our conversation goes that direction as they just might not know of what benefits that our employer offers. 

I would like to take my time to go over a way that I have found to work for me for saving some money:

I have found that linking all of my accounts has been a wonderful way for me to control my funds.  I link my checking with my savings, then my checking to my stock trading account.  Whenever my paycheck get directly deposited into my checking I will automatically have it take out a designated amount that goes to my savings and trading account.  Once the funds are out of my checking I attempt to forget about it so that I don’t think about putting it back into my checking where I spend it.

Utilize other budget technologies that are available.  There are many online tools that banks and other sites offer.  These tools can track what you are spending your money on and you can take a look back on your spending and see what you can cutout to start saving instead.

The benefits that your employer offers can be a good idea to look into.  Employers will match up to 10% of what you put into your 401k per paycheck.  The match is much like free money, but you won’t see it until you are older but you will definitely need that money saved for retirement.

The other benefit that employers might offer is an employee stock purchase plan.  Employee Stock Purchase Plan the individual can take out a designated amount to take out of the paychecks and usually after 6 months of that account accumulating money they will purchase stock of your company at a discount for you.  With the discount you are already making money even if you decide to sell the stock immediately or you can hang on to them to hope to see growth in the account.

 Saving can be difficult and it takes a lot of discipline for someone be able to cut back on something and start saving for the future.  Money should be saved as people don’t know when an emergency might arise and that extra cash could be very important.

Check out these links below for saving tips:

23 Beginner Savings Tips
30 Tips for College Students
Saving for Single Parents