Make Sure Your Financial Freedom Plan Includes Saving

August 25th, 2007 | Stacey | Debt Management, Financial Independence, Financial Freedom Opportunities, Financial Freedom

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Your financial freedom should include ways to save money for security in your future. Rather than paying off interest on credit cards, you could live within your means and put that money into a savings account. Simply committing to saving is an easy financial freedom program anyone can follow that doesn’t involve major investments or decisions.

Recent statistics revealed that the saving rate for Americans is down to almost minus one percent, which means we are cashing out more of our savings than we are putting in. Amazingly, 20 years ago we were some of the largest savers in the world. However, as a consumer society that is driven by keeping up with the things we need to have now, we are no longer saving and instead creating debt.

According to Primerica Financial Services, you should pay yourself first. Savings should be prioritized over all other expenses, no matter what. For example, if you saved $200 every month, in 10 years you would have $35,000, rather than spending $200 on disposable goods and services. While everyone else gets rich from your money, you don’t have any left. Remember, you are the only one who will worry whether you have any savings so pay yourself first.

No matter how little you can afford to put away at first, it all adds up. Paying yourself first every week so you can put aside savings is a financial freedom plan that is certain to be successful over time.