It has always been interesting for me when I talk with people about money. Sometimes it is money worries like a foreclosure due to a loss of job or learning how to manage money when setting a budget in place to pay a first mortgage.
When the word budget comes up, the eyes of many people glaze over, because budget to many of us, means ‘spend less’.
But sometimes, discussing money has more to do with our dreams and our wishes for life. Many of us have ideas of what we would like to do with a bit of money we have saved up. Maybe it could send us on a vacation when the weather gets a little nicer or make it a bit easier to buy a new vehicle.
When we hang around the water cooler or the lunch table at work, this topic never really comes up. We are just better at discussing our concern over rising gas prices or the changes we can anticipate in our health insurance plans.
So dream a bit about what you might do with some savings. I can tell you that you will be more successful in managing your money when you have a goal for your savings in mind. Don’t just put the money away for a rainy day; be specific about what kind of rain you would like. Many people actually have several savings goals and vehicles to manage each of those savings. You might be saving for retirement and have that money in a retirement plan like a 401K or 403B.
You might have a savings account in a local bank that is designed for family emergencies like accident or storm damage. You might also have an extra savings account for a yearly summer vacation or for your holiday spending.
But when you dream about what you want money to do for you, you are planning. As we move into March, a national program called ‘America Saves’ is designed to help you think about putting some money aside. If you are new at this ‘saving thing’, make your goal small and manageable. If there are two incomes in your household, make sure there is some savings coming from each of them. Remember, the habit of saving on a regular basis – as in every paycheck – is every bit as important as the amount of money you save.
Take a moment to motivate yourself with your own saving ‘dream’. Write your dream down (this financial coach says to put it on the same page as your net worth statement) but you can write it anywhere that you might see it on a regular basis. Or, better yet, take your very own selfie with a sign holding your savings dream. Post that picture on your refrigerator. You can even enter this selfie in a savings contest at America Saves to be featured as the Saver of the Day!
If you are like most of us, the time you take in saying, writing or photographing your savings goal is what will make that dream become a reality.
And, if you take a picture of your savings goal, put that picture on your refrigerator. It will make me happy to know that you have a plan for a savings goal for you and your family.
Written by Nancy Stehulak, Assistant Professor for Ohio State University and the Director of the Henry County office.
Reviewed by Betsy DeMatteo, Family & Consumer Science Educator, OSU Extension
