I’m really angry with myself. Last year I did NOT hit my savings target. Not only did I not hit it, I was way, way, way off target!
You see, for the past 7 years or so, I have been following the advice of financial guru Suze Orman. In one episode, she encouraged viewers to save all the $5 notes, 50-cent and one-dollar coins that were unused at the end of the day. Keep them in a jar for a year and then tabulate how much you have saved in that year. Since practicing it, I’ve always achieved at least $1000 – never lesser.
Shock, horror in December when I tabulated my savings – it was a mere $570!!!!! I could not believe it! How did that happen? This was the lowest ever.
So I sat down and pondered. Why?
- was it because I spent so little last year, hence, there was so little leftover
- was it that I was paying for my purchases through direct debit and credit cards, hence so little left over?
I didn’t take responsibility for how I spent my money.
Whatever it is, I learnt an important lesson from this. I didn’t take responsibility for how I spent my money.
By not doing that, I’m relinquishing all responsibility and this is the pathway to financial stress.
Whether its cash or cards, I need to monitor my spending diligently so that I can keep track of my financial health. By not doing that, I’m relinquishing all responsibility and this is the pathway to financial stress. Such a simple method such as saving coins can leave you a big sum at the end of the year but as long as you don’t take responsibility for your spending, nothing’s going to work.