Learn to become a patient spender and a constant saver!

Sometimes people say, “Hard habits are hard to break.”  When it comes to excessive spending, many of us need to break this habit immediately.  One reason to become frugal is the lack of job security in this country.  While the U.S. is still the land of opportunity, you must be prepared financially to live a year or two with no income.

Learn to be Patient

Unfortunately, we do not live in patient society. Many individuals desire instant gratification.  For example, some people believe they deserve to live in a $300,000 home, even if they only make $50,000, per year.  Face to face interactions are often replaced by phone texts and Facebook messages.  Companies possess sharp marketing departments that capitalize on our impatience. Mother’s Day, The Day after Thanksgiving, and The Day after Christmas sales are examples of shopping holidays that entice us to join in the shopping frenzy.  No one is saying that you must deprive yourself of life’s basic necessities; however, you cannot afford to run up a lot of debt without a plan to pay your bills on time.  You can always wait to buy your dream home. Your favorite car dealership will still take your money in two years, if you wait to buy a hybrid vehicle.

A New Saving Rule needs to be adopted!

Many financial experts have stated that people need to possess at least 6 months of income in liquid cash.  This amount is probably not enough in this “new economy.”  With the lack of job security, individuals need to save at least one year of their salaries.  Some may ask why is establishing good saving habits so important!  For one, if you save more money, you will spend less money.  Furthermore, you can tackle a financial crisis when you have money versus when do not have money.  Who wants to take out a loan to pay for medical bills or to pay the mortgage to avoid late charges and legal fees?

Starting a saving program can be difficult for some individuals.  However, you can consult a financial planner if you need some help.  If you do not want a financial planner, there are various financial websites such as Yahoo Finance that can help you establish a budget and teach you some personal finance basics.  Regardless of your past or current spending habits, many of us need to become patient spenders and constant savers, today.