The “Do Not Touch Rule” of Saving Money
~ Thursday, September 14, 2023 Blog Post ~
I love copying Mr. Warren Buffett. We all know that the Oracle of Omaha succeeded in the steady and gradual accumulation of wealth over many decades. Mr. Buffett is a fine example of a long-term investing champion.
He wisely remarked that some things merely take time and affirmed that wealth cannot be built overnight. I learned about Mr. Buffett’s investment portfolio in the past. It consisted of “forever stocks” such as Kraft Heinz, American Express, and Coca-Cola which are all established and world-renowned American brands.
I gathered from the business magnate that I can thrive as an investor and build wealth successfully via investing if I am disciplined, patient, and committed to long-term thinking.
Being an investor, I started my personal finance journey through aggressive saving. After all, saving money are the “seeds” necessary to “plant” or invest for my secure financial future.
Luckily, I am smart enough never to fail to set aside money. After all, it is a costly mistake. Failure to save money involves having a spending problem, neglecting one’s savings, or making a conscious decision not to stash money away.
By saving money, I was able to erect my financial success’s solid foundation. Additionally, I can be confident that I will have a stable financial future for ensuring that I consistently save and invest my hard-earned funds.
Saving money and being astute enough to invest it prevents financial stress which comes if one has too much debt and is financially unprepared. People who fail to start saving money sooner invites financial difficulties.
They will get inconvenienced by financial stress if they quit their job for they cannot make ends meet. Having no employment options and zero savings also result in financially stressful situations.
Saving money is among the best financial decisions I have ever made.
Being a personal finance nerd, I have the aversion to consumer debt and affinity for personal finance. I love reading, writing, and learning more about everything related to finance.
Among these subjects are living a frugal lifestyle, saving more money, and budgeting and how to improve in it. I am also interested in personal finance topics such as growing one’s income, making extra money, and getting out of bad debt.
As the heroine of my financial story, I’m quite interested in my journey to financial success. Thus, I have been a miser and glad to discover how I can form improved financial habits.
Money is an important tool. It is for guaranteeing financial freedom to oneself and one’s family and paying for one’s children and grandchildren’s college. Money is also for building an enduring financial legacy in one’s family tree and aiding the needy.
Major life events cost money. They include having a new baby, paternity and maternity leave, weddings, and college tuition. Besides, purchasing a new car, a new house, and retirement involve money. Thus, it is mandatory to save one’s hard-earned funds.
I must say that saving money is one of the best financial decisions I have ever made in my adult life. Indeed, putting funds away is more effortless said than done until one is in the habit of it.
Nonetheless, I found an improvement in my overall self-discipline as I started to grow in my habit of saving money. This financially beneficial activity impacted all of my financial life’s other areas.
When I began practicing self-discipline in saving money, I became better in this habit and succeeded in avoiding impulsive spending. Moreover, I became more inclined to make better investing decisions and got educated more about personal finance.
As a disciplined saver, I became more consistent with my budgeting and many other aspects of my financial life as I commenced to witness the favorable outcomes that saving money has on my financial life.
In personal finance, I learned that setting a budget, which are boundaries on one’s spending, offers one with much more financial freedom. Hence, I can consistently keep a bigger portion of my income.
Furthermore, I found more financial freedom the more I practiced saving money. Indeed, I must say that a person with a million dollars has more financial freedom compared to someone with merely US$100. The former behaved much more responsibly with his hard-earned money over an extensive period than the latter.
The “Do Not Touch Rule” of Saving Money
Saving money does a lot of wonders for financially savvy people like myself. I can ride out any financial crisis since I have opted to save every penny of my monthly paycheck instead of spending it.
Additionally, I have succeeded in avoiding risking my future cash flow by not selecting to go into debt. Indeed, saving money has helped decrease the financial risks for myself.
I recommend people to make it a habit to save money for their and their families’ future. For those who have succeeded in their personal finance journey and have made saving money a habit, they should keep in mind that this practice is a learned skill.
Additionally, saving money comes with a very particular purpose. For me, I saved money to have a convenient lifestyle and for my retirement. My money journey involves saving money and enjoying watching it grow.
I have succeeded since I religiously follow the “Do Not Touch Rule” of saving money. This principle is not to ever actually spend one’s funds for a defined period.
I want to make it clear that the money one saves in the bank is not actually gone. It does not work that way since the funds are under his name.
Putting money in one’s permanent savings and treating one’s savings account as a “black hole” is helpful. Furthermore, I suggest a saver to tell himself, “I will not spend this money nor dip into my savings for the foreseeable future or ever.” Practicing the “Do Not Touch Rule” of saving money by thinking this way enables one to succeed in growing his savings for the long term.
Not touching one’s savings is relieving, especially when the time comes the money needs to be withdrawn for its intended purpose such as a wedding, having a baby, paying tuition, retirement, world travel, and other major life event.
Saving money is, indeed, an important life decision. People who have a pot of funds waiting to catch them should they fall are fortunate and wise. After all, money saved and invested for the long-term facilitates confident financial decision-making and financial freedom.
