Did you know that about 40% of Americans lack the funds to pay for a $400 purchase?
I have heard a wide range of excuses for why people are unable to save money. Some individuals definitely have it worse than others, but I've also witnessed enough blue-collar parents retire as billionaires and enough single mothers work three jobs to change their family tree to make me think that most of us are actually better off than we realize.
Tough love is what that may seem like. I detest how this pandemic has impacted people's quality of life across the nation. We cannot develop the saving habit passively.
As a matter of fact, you must save as if your life depended on it. Three to six months' worth of essential expenses should be covered by your emergency reserve.
I understand why saving is difficult because I'm a spender. In addition, I like more expensive stuff because I have the "status" money tendency. My free quiz will tell you what your financial preferences are and how they affect your financial practices. But because I realize how important saving is, I've discovered methods to include it into my daily routine.