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Saving money: How do you start, How do you build?

Hello there 👀

Believe it, or do, I didn't gain the concept of saving money until I was about 20. I was pregnant with my son at the time and my reality was that I was broke. I knew that I would need money for a baby, so I just made saving a priority.  I want to share with you a few tips that may help you put some *rainy day money up.

Set an Attainable Savings Goal

Trust me when I say, any amount put away is a start!  You have to really become conscious of your budget (how much make vs. your living expenses).  Sacrifice is essential in this process! Start out small and plan to work your way up.  As you see your savings account grow, it will encourage you to get more aggressive.  Don't set a total savings limit; instead set daily, weekly or monthly goals. Watch your money grow!

Keep the money separate

How difficult is it to save money when you can't see it grow?  Whether you use an old shoe-box, or open a new savings or money market account, keep the money you are saving separate from everything else. If you're 31 and self employed like myself you should really be considering starting a Roth or Traditional IRA. The rate of return is so much higher than your typical savings account. Keep in mind the retirement accounts are designed for the long haul.  Evaluate your personal life/ money goals and educate your self on the different options you have.

Get Obsessed 😍 

I have had a few of those rainy days I spoke of earlier. Completely depleting my savings accounts (at least twice in life.)  The beauty in that is that I know how to save and the money was there when I needed it most! Each time I've had to deplete myself, I came back stronger than the time before.   Saving money is an obsession.  You really have to want it, have a reason to do it and stay disciplined with yourself. The obsessive behavior occurs when you see that bank account rise from $100 to $1,000 to $4,000 will elevate you.  You become an addict. Now that's an addiction I don't mind having. As said best by Jeezy on his classic album Trap or Die :" If you can stack a grand, you can stack 10"  I couldn't agree more.

Until next week!

With Love,

Tori

*Rainy day-when life get's real and put's you in an unexpected financial situation and you better hope you have some money put up to take care of anything thrown your way.

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