By Denise Wayman
Who needs savings? Why should I save? Am I too young? Do I make enough money to save?
Well, can you really afford to not save? We all work hard for the money we earn; however shouldn’t we be just as diligent in being responsible for it? Some questions to think about and ask yourself:
- What is your very first memory of money?
- Was money talked about when you were growing up?
- Who handled the finances at home growing up?
- What was or will be your first major purchase / expense?
It’s interesting once you start thinking about and answering these questions how it relates to how you now choose or don’t choose to handle money. In our home when I was a child, finances were not discussed, but we were given coins every Sunday for offering. My first memory of money was from church and the corner store near our church where we were allowed to buy 5 cents worth of penny candy. Have times changed in so many ways about how we think, value, use and save money!
Maybe your parents opened a savings account and you developed a relationship with that financial institution. Maybe you received an allowance, or maybe you simply learned and are leaning the hard way.
Some key things to keep in mind:
Start healthy financial habits early. Stop making excuses and just do it.
Save for long term, big, and important smart goals: first car, car repair, first home, a vacation, etc.
Live within your means and don’t overspend
Is it a need or want?
When it all comes down to it, know where and how you’re spending and saving your money so you are controlling it and it’s not controlling you.
Create a money plan, review it, change it as you need to and use it!
About the Author
Denise Reinoso Wayman is the Credit Union Regional Operations Manager for the Everence Federal Credit Union offices in the Lancaster, Pennsylvania, area. She and her husband, Marty, have three children. They reside in Lancaster City and are active members of In the Light Ministries. Denise enjoys supporting her sons in their musical and sport activities. She volunteers in a number of ways throughout Lancaster, but particularly enjoys providing meals to those in need.
This blog is a component of the Ecumenical Stewardship Center’s COMPASS Initiative to engage young adults in conversations about faith and finances. Like what you see and want to know/do more? Visit the COMPASS blog, follow us on Twitter, and join the COMPASS community on Facebook.