Have you ever heard the saying, “saving for a rainy day?” Most people are familiar with the phrase but few actually put this wise quote into practice. A common misconception surrounding saving money is that there is nothing fun about it. Many people tend to equate saving their hard-earned dollars with giving up something or not being able to buy the things they want. For some, this mentality includes things like a new car, a new home, traveling, and other discretionary purchases. Let’s be honest. Saving money isn’t easy. All you have to do is look at the government to see that trillions of dollars are spent every year without any effort to put anything back into the budget.
The National Foundation for Credit Counseling’s 2011 financial group did a recent survey that said:
“About a third of those polled said they put away nada for retirement, another third save 1% to 10%, and just under a quarter save more than 10%. (The rest said they didn’t know how much they set aside or refused to answer.)”
Are you saving enough money right now? How much should you be saving? Well, there is really no right or wrong answer. People have their own opinions as to what you should be saving. Elizabeth Warren has a “Balanced Money Formula” in which she suggests you should save 20% of your income after taxes, use 50% of your income for needs, and the remaining 30% for wants. Some people believe you should save more then 20% of your income and some people think you should save less. It all depends on your specific situation, but you need to start saving something, whether it’s 5% or 30%. You need to start building an emergency fund and also a retirement fund. Find areas in your life where you could possibly cut back and then sit down with your family and decide how you are going to start saving.
The same nonsaving trend is like a disease among millions of American households. Somewhere along the way, the idea of paying for everything at a later time seeped into the hearts and minds of hard-working consumers, robbing them of the ability to effectively control their financial futures. Believe it or not, there was a time, not too long ago, when people actually saved their money to pay for things before they ever bought them. With the evolution of credit cards, that time-honored way of amassing material wealth was forever altered. Today, if a person builds up a large amount of debt, they risk losing their house to the bank and having to declare bankruptcy. That might seem excessive, but in reality, there’s really nothing stopping that person from doing the same thing all over again.
MyCashNow knows that online security is important. We value your privacy and make every effort to ensure your information remains secure.
From the moment you enter your personal information, we encrypt your data using Secure Sockets Layer [SSL] technology.
Your fast cash should be worry-free and we work hard to keep it that way.
NOTE: If you’re using a public or shared computer, we recommend that you DO NOT select the "Remember my ID" box.