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Haven't saved- How to start

Haven't saved- How to start

March 01, 2024

Saving, it’s not always easy to do. Running a race, not always easy to do. The thing both have in common is they can be really satisfying when you reach your goal.

I used to wonder how I can start to run, turns out it was much like learning to save. One step, one dollar at a time. As we age, we look around to see what we have been working for all these years, a house, a car, a family and hopefully savings. Is there any one right way to do any of those things, of course not. There is a lot of information out there on how to save, but part of saving might be spending if you have credit card, student loans or other debt. Many advisors will say to pay off those debts! They’re right and they’re wrong. It’s also important to pay yourself first- build that emergency fund, even if it’s slowly and in conjunction with paying off debt. Some of the best advice I’ve heard and practiced myself is to take stock of your income and your outgoing expenses. Make a list of the expenses, there are some you must have- rent or mortgage, car payments, utilities, etc. Some you need to pay like credit cards and other unsecured debt. Look at that unsecured debt, put it in order from lowest to highest in amount owed. Now pay down the lowest balance first, don’t stop paying the other debt, just make minimum payments while you focus on paying down that lesser debt.

When I first started running, I really walked, but the more I walked, the faster I got, the faster I got the more I tried running, and I got a great sense of accomplishment when I could reach that goal of running a race. When you pay off that first debt, and don’t run it up again, there is a similar feeling of accomplishment. Each time you pay off a debt there are more dollars that you can set aside for that unknown emergency, vacation, or splurge.

Neither running nor saving is an overnight project, these are the long games, saving for retirement, training to run a race or just to maintain financial and physical health. Both take discipline and time. When you need an advisor to run the savings plan by, we’re ready to help guide you to the finish line.