Save small for a big financial future
July 15, 2008
First of all, I’d like to start with a disclosure. This post was inspired by Patrick, the author of Cash Money Life. It’s a great blog that you can find right here.
Today Patrick wrote about the importance of not underestimating the little things. He recounts a great story from his high school days when a conversation about a change jar literally shaped his friend’s financial habits for the rest of his life.
As I was reading, it reminded me of advice I was given around the age of 10.
I was at a Pittsburgh Pirates game in Three Rivers Stadium. On my way to buy some type of junk food, I dropped a piece of change.
I glanced around and didn’t see the coin, so I started to walk away. Just then two guys in suits who were standing nearby me told me to wait, they would find my change.
“Don’t worry. It’s only a nickel,” I said.
One of the suits found my nickel, handed it to me and said, “Don’t say it’s only a nickel. If you put it in the bank when you’re older it will be a lot more.”
Thanked them and proceeded on to buy my ball park food thinking, “That guy must work for a bank. Who wears a suit to a baseball game?”
My 10-year-old self was mildly amused. My 30-something self wishes I had taken that advice more seriously. What if I had saved that nickel? What if I had added more nickels over time?
Saving money can be a scary proposition, especially when money is tight.
I am challenging everyone to remember that the little things add up. Start making small savings that have the potential to become big savings over time.
If you don’t have any type of a savings account, don’t be intimidated. Put $10 or $20 a pay into the account, or whatever you can comfortably afford to put aside.
Then, make a resolve not to touch the money.
Likewise, you can start a loose change jar. Toss in change that’s in your pocket at the end of the day or floating loose through the bottom of your purse.
If you have children, encourage them to do the same types of saving. If they get an allowance, encourage them to put a portion into a savings account.
What other ways can you think of to start saving on a small scale?
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