Save First and Spend Later

Let's talk about savings. I feel disappointed that many people around me don't have much savings. If you ask them to save money, they will say, "I don't have much money left, how can I save?"; Or "I have spent all my money. What else to save."; Or "I will plan to save only when I have extra money."; Or "I am going to start savings one day in the future."; Or "I already have 401k, why should I save more?"

When you ask them few years later, they will give you the same reasons why they can't start savings. They are few people especially the old folks and people who are elder than me advised me that I should have savings habit. Some of them regret because they didn't do so.

Savings is a good habit and I would recommend everyone to start this habit now if you haven't. You need to have self discipline. When you received your pay check each time, keep a portion of it for savings. Then, only you spend the balance. If you still have money left after spending, save it or invest it. Please remember, "Save First And Spend Later" is a good practice. In the other way, if you are practicing "Spend First And Saved Later", you will not save much or you might completely failed to save money every month.

At the end of the day, savings is for our own good. After many years of working for money, it is time to treat and reward ourselves good in retirement. Sometimes, our savings may be used as an emergency fund when we encounter some difficulties in our life. Especially in a situation where money is the only solution for the problem.

Not only that! I cannot forget an advice from a very successful business man who told me that "I've got this great investment opportunity now because I have been savings since the day I received my first pay check". Today, he is 55 years old. He is very proud that he has this investment opportunity that needs huge capital to invest. Frankly, if there happens to be the other same good investment opportunity awaiting us in front of our eyes now, we will surely see it left because we cannot "AFFORD" to grab it. Not even dared to think about it! As you can see, one of the greatest benefits of savings is giving us an opportunity to invest.

So, take action now to open a Bank Savings Account and start savings if you haven't had one. Set aside the amount that you want to save every month starting from today. I am sure you will be glad one day in the future because you do it so. Remember, Save First And Spend Later.