Give yourself a reason to start saving
That money in itself is not always number one which is an odd thing for a money man to say, but Stanley Gabriel, CEO of Momentum Savings, insists that there’s something not enough people think about when they want to start saving.
Because I work for a business that focuses on long-term savings, I often get asked
where the savings journey begins. People ask when you should start, how much you
should have to start with, and how you will know how much is enough when you save.
These are important questions, but I think the focus on them at the beginning of your
savings journey may overwhelm you.
Saving for far-away dreams seems to be such an evasive concept if you don’t make it
real for yourself. You must bring the ideas of your future life a bit closer – you have to
make it practical. That’s why we must start with the purpose or reason for living. What
do you want from life? To be there for your family or build a business that will survive
your grandchildren? Write a book or be a Michelin Star chef? Living comfortably and
being able to travel? Even when you are older.
When something guides your dreams, it’s easier to make a concept like saving tangible.
It helps when you see things happening with your money that makes you feel like you’re
living. I’m dedicated, because I’ve made a conscious decision to make some sacrifices
today for my dreams tomorrow. It’s worth the effort to save because it contributes to a
meaningful life, which motivates you to make better decisions.
Yes, retirement may be decades away, and your children’s education is not in your face
when they are born, but your vision of the future will be easier because you’re linking it
to real life.
I ask myself, what do I want my future to look like? That way I’m making it more human,
and less intimidating. What will happen when all my current financial challenges are
sorted? I think this makes it easier to do something about it. I then realise, action is
routine, and that saving makes living a purposeful life practical. You become a
conscious saver when you are mindful that money is important for making a dream real.
A lot of people talk about conscious spending, which is, being deliberate about the
priorities you set for what you spend money on. Conscious saving, which flips the coin,is about giving your money a purpose: Seeing how a decision made today plays out in
future.
So, when should you start? The minute you know what you want for yourself. That is
when you will be ready. If you haven’t started saving, forgive yourself. It’s tough out
there. Now that you know better, you can do better. As you gain knowledge, you can
make better financial decisions.
You will realise that your small decisions will add to your bigger goal. You will also
realise with time on your side, money can grow and withstand jostling markets. You will
most of all realise that compound interest, when you earn growth on your growth, is an
incredible money friend. One that will bring out the best out of what you’re putting in.
This is a prime time to also have a conversation about financial advice, with someone
capable of looking at your circumstances and knowing exactly what offerings will help
you to meet your goals.
Small, consistent actions, knowing what you want for yourself and some sound advice
will go a long way.
Yes, it would have been great if you could have started saving with your first paycheck,
but it’s never too late to start, and everyone’s unique circumstances define them. Maybe
your time for starting to make smart money decisions is right now.
Your dreams are valid. Use them to propel what you will need to make them true. You
don’t want others to shape your destiny – even if they can help you, they won’t do it in a
way that you can own completely.
Don’t wait for life to give you a reason to start saving. Give yourself a reason.
