Tuesday, December 21, 2010

Saving Money for Future Success

With the year coming to an end and the New Year fast approaching, resolutions are being thought out and made. New Year resolutions are basically decrees to do new things, do things differently or better in the coming year. Resolutions for the most part are to do with lifestyle changes or financial matters. Most people make out elaborate list of the resolutions they desire for the New Year, while others are made silently at the back of the mind. Sadly most of these are never followed through fully mostly because some are not realistic or the will power is lacking.

Starting a Family Saving Culture

Financially, a great resolution to make in the coming year is to start saving or to increase the savings one makes periodically. I heard once said that one’s future success is not dependent on their current earnings or spending power, but on their current savings. This is wise since money spent cannot be recovered, but money saved can be invested in worthwhile ventures for the future. No matter one’s earnings, if no savings are being made then the future financial success of the individual may not be easily achievable. Inculcating a saving culture encourages financial savvy and future success. This New Year the entire family can decree to start a joint savings culture while teaching financial truths to the young ones.

A saving culture is not without sacrifice and the individual starting to save or increasing their savings should be ready to forego some things so that future success can be achieved. New Year resolutions are made so that different results are achieved. It is said you cannot expect different results from doing things the same way. So, for there to be a difference in financial stability one has to get out of their comfort zone and start saving more.

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