Power of Saving
you save your money is just as important as
how you spend your money. After all, they really
do go hand in hand. By developing a practical
plan of action, you will save more, spend less,
and launch yourself on the path to financial
freedom. These principles will get you started.
Approach To Savings
The ability to save relates in part to your
perceptions of money. If you have a healthy
attitude towards money, you will reward yourself
by developing reserves and saving for the future.
You will also prioritize your needs above your
wants and control your spending on luxury items.
Strategies for the Marriage Years
It's vital that you have started the habit of
saving before now. Life moves quickly and there
is little time to catch up, this is why it is
important that you develop a savings plan early
on. Once you are married you will need to buy
homes, cars, furniture, vacations - just to
mention a few major expenses. Then there are
taxes, taxes and more taxes.
you have a good savings mentality and have been
diligently following a saving plant prior to
this stage in life, not only will your expenses
be paid, you will always have money in reserve.
You'll never feel as though you are constantly
trying to catch up.
Your Children to Save
is important to develop good saving habits when
your children are young. Teach your children
to save for their future by setting aside small
amounts (up to half) of their allowances in
a passbook or statement savings account. And
teach them not to touch it.
how money increases over time through regular
interest payments. By teaching them about the
benefits and rewards of savings, you will reinforce
the importance of slow, consistent savings.
in mind that your children learn by example.
They pick up your attitudes and habits like
a magnet, and will develop the pattern of savings
they see evidenced in your lives.
to save for your children's education when they
are very young. There are several ways to do
this: 529 college plans, educational IRA's in
the U.S., and Registered Educational Savings
Plans (RESP's) in Canada. You can also invest
assets in mutual funds and a savings account.
Additionally, it is important to teach your
children that their education is an investment
in their future.
the college years approach, it is especially
vital that your children understand the power
of savings and the dangers of debt. Credit card
companies bait young teens with credit card
applications in college, and so begins the cycle
of debt. It is easy and tempting for young people
to use these cards, creating higher and higher
credit balances. Teaching and applying limits
to yourself and your children helps reinforce
the power of saving and the value of money.
most important aspect of savings is to start
now if you haven't already started. Many of
us were not taught to save. In many cases, our
grandparents were immigrants who literally worked
until they died. We now live longer and work
harder than ever before. It is imperative that
we develop a plan for saving and follow it through
with due diligence.
By following this process, you can develop
a plan of action now to save more and spend
less. Make good financial decisions and seek
the advice of a Financial Advisor for those
aspects of investing that you do not understand.
Reward yourself in the future by planning
Diccianni (RN, CSA, CWI, CLTC) is a Registered
Nurse, a Certified Senior Advisor (CSA), a Registered
Investment Advisor and a Registered Representative
with Leigh Baldwin & Company member NASD
and SIPC. She is affiliated with Ortner, O'Brien
& Ortner Advisory Group, Inc. and co-founder
of Nurturing Your Success, Inc. Her passion
is assisting clients in creating the financial
freedom they dream of. You may visit Cindy at
or write to her at Cindy@nurturingyoursuccess.com.
You may also call her directly at (610) 251-9393