3 Personal Qualities Necessary to Save Money

3 Personal Qualities Necessary to Save Money

Saving money is not an easy task. Most Americans are living paycheck to paycheck. The cost of basic necessities is increasing, and many of us are not receiving cost of living bonuses to make up the difference.

Even so, it is very important to save money. Everyone should have a little money stashed away in case of emergency. In the long run, we should have money saved for retirement. If we have a family, saving money for our children's education is a responsible thing to do.

Here are three traits necessary to save money, in good times and bad.

Desire

You need a compelling desire to save money. Imagine what it would be like if you were laid off from your job, and had the equivalent of six months of your annual salary in savings. Your nest egg would relieve a lot of immediate stress and give you the peace of mind necessary to focus on getting your next job. Think of the positive benefits of saving. This will increase your desire to take action.

Determination

Make up your mind that you will do what is necessary to save money. If it means making uncomfortable lifestyle adjustments, so be it. Explain to your family that sacrificing a few luxuries is worth it in the long run. Set an example for your children that saving money is a wise and responsible thing to do for one's financial security.

Ability to Plan

These cliches are true: hope is not a plan, and failing to plan is planning to fail. Take stock of your financial situation. Figure out how much money you need in your emergency fund, for your children's college education, and for your retirement. Consult good books on personal finance, or visit a financial advisor to help you develop a sound savings strategy.

Make the decision that you will do what it takes to develop the qualities necessary to save money.

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