3.5 Ways to Develop a Habit of Saving Money

August 5, 2023 by Charles Fitzgerald Butler

Are You Saving Money?

Developing a habit of saving money requires self-control and self-discipline. If you don’t think it is important try to get a mortgage or car loan and see how well you do. According to the Huffington Post, 50% of Americans have less than $500 in their savings account. How can this be when we are one of the richest countries on earth?

If you don’t have a savings account and/or an emergency fund it’s your fault. According to some financial experts, you should save 10% of your income. If you have been working for 10 years at an average income of $46,000 per year according to statistics. You should have $46,000 liquid cash in your savings account.

I am not speaking about 401k’s, pensions, or other retirement plans. I am talking about cash money. You are redlining your finances if you don’t have an emergency fund of at least $1000. You risk going into debt when unexpected emergencies happen. Ideally, you should have 6–9 months of emergency funds stashed away. Invest the rest of your cash in income-producing assets.

Rock Bottom my Experience

In 2006 I hit rock bottom. I was broke and looking for a job and I couldn’t sell a house. Guess who lost his…