Money Advice

A new, unique way to think about saving

Posted by The Simply Money Advisors Team on Aug 15, 2018 4:56:00 PM

When you hear the phrase “saving money,” what comes to mind? Take a few seconds to think of a few related words. We’ll wait.

Ready?

Hopefully words such as “future” and “freedom” popped into your head. But be honest. We’re guessing some words like “restrictive,” “hassle,” and “boring” maybe snuck in there, too, right?

At Simply Money, we don’t want you to think of saving as a chore. We want you to think about saving as a means to an end (in most cases, your eventual retirement).

But we know “saving” can come with negative connotations. So, to help put a more encouraging spin on the idea, we have a unique way for you to look at the money you’re (hopefully) saving on a routine basis: think of it as your “profit.”

Now, doesn’t that sound better?

“Profit” is positive. It signifies a gain. It signifies progress. It signifies that, after all was said and done – after you paid the mortgage, the car loan, the electric bill, the phone bill, the credit card bills – you managed to come out ahead and have some money left over to save for your future. (Truthfully, you should make saving a priority before you pay bills, but that’s a different topic for a different blog post.)

And consider this: corporations are focused on profits all the time. Profits are their lifeblood. Take a page from their book.

Here’s what we mean: every three months during earnings season, Wall Street collectively holds its breath to see how much America’s biggest companies made in revenue, AKA, profit. Profit affords companies the flexibility to pay its stockholders dividends, fund new projects, conduct new research and development, give its employees raises, even invest in other businesses. In this context, it’s not a negative to have extra money left over each quarter.

Simply put, profit helps corporations grow. In your case, your monthly profit can help you grow in a different sense: getting closer to retiring well.

The Simply Money Point

The prism through which you view something will alter your perspective. So, try taking a different viewpoint about saving. Look at saving money as setting aside your monthly profit – and be proud of your accomplishment.

Are you confident you’ll be able to retire well? If not, educate yourself on how best to manage your life and money! Visit our Retirement Resources library for free online video tutorials, downloadable guides, and live events.

Take me to Retirement Resources

Topics: Retirement Planning

Disclaimer

Please remember that past performance may not be indicative of future results.  Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Simply Money Advisors), or any non-investment related content, made reference to directly or indirectly will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful.  Due to various factors, including changing market conditions and/or applicable laws, this content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained here serves as the receipt of, or as a substitute for, personalized investment advice from Simply Money Advisors. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Simply Money Advisors is neither a law firm, a certified public accounting firm, nor a tax advisory firm and no portion of the blog content should be construed as legal, accounting, or tax advice. Please consult your own attorney, accountant, and tax advisor for legal, accounting, and tax advice. A copy of the Simply Money Advisors’ current written disclosure statement discussing our advisory services and fees is available for review upon request. Advisory services offered through Simply Money Advisors, a SEC registered investment adviser. Insurance services are offered through Simply Money Insurance Agency, a separate entity from Simply Money Advisors. Simply Money™ and the spiral symbol are trademarks of Simply Money IP Holdings, LLC.

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