Save Your Money and Someday It Will Save You
I grew up in a family of savers. My parents were amazing at striking the right balance of living well modestly while saving for their children's college education, homes, cars, and eventually their retirement all the while living debt free.
I'd like to believe some of their financial knowledge has rubbed off on me over the years and I hope to be as prepared for retirement as they have been.
There's a saying, "Save your money and someday it will save you" which I think is very wise and true. Money represents freedom and control over one's life. When you have your own money, you decide where you're going to live and how you're going to live and what you will do with your life. It's ultimately the "American dream" - freedom. However saving takes self control, strategy, planning, and foresight. It's tempting to spend your money now on something that will give you immediate joy. It's so hard to save today and delay that joy for months or sometimes years. That's the hard part. I've outlined some strategies and tools I utilize that help me with short and long term saving.
I utilize multiple savings accounts, each used for a separate goal or purpose. Each savings account has a single purpose such as day-to-day spending, vacations, investments, etc. That way I'm not co-mingling my money and blurring the lines of my multiple goals by lumping everything together. It's hard to manage multiple goals and strategies when they are all lumped together in one pile since each goal is aligned to a different timeline and desired balance.
Investing can be intimidating. Too many choices and complicated fees to navigate. There are simple services you can sign up for that simplify investing and make it virtually effortless and automated. I have managed funds, stock investments, and other investment vehicles that are more involved, but I also use a really simple investment app called Acorns. You connect it to your credit card(s) or debt card(s) and it will round up your purchases with those cards to the nearest dollar and invest the rounded up change to an ETF that is aligned with your investment goal. There are now more choices that are comparable to Acorns, so do a little research and pick one that suits you.
Saving is a personal matter and choice with various ways to achieve similar goals. There usually isn't just one right way to do it. I've found what works for me and I hope you will find a method that works for you too. You can work with your preferred bank to have guidance in your investments and savings selections and/or you can work with online tools that do the heavy lifting and thinking for you. What ever you do, just don't put off saving because if you save your money then someday it will save you.