Donell Edwards, Blogger
About Donell Edwards: Donell Edwards is President of CWR Media and is also founder and publisher of The College World Reporter (CWR) magazine and CWR World News & Information Service. He is also a professional speaker, freelance writer, and entrepreneur.
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Know Your Money
Tuesday – April 21, 2015
Financial Literacy Month 2015
Time To Change Thinking About Saving
By Donell Edwards
As we continue our celebration of Financial Literacy Month and our effort to focus attention on the need for many of us to become wiser in our personal money management, today we discuss the importance of saving and changing the attitude that many of us have about saving.
Much of today’s post is based on a New York CBS News affiliate interview with Lance Drucker, president and CEO of Drucker Wealth Management. The interview cites a 2014 study that reveals that only 2 in 5 Americans have a budget and are focused on living within that budget. According to Mr. Drucker “We worry so much about the things we can’t control; the stock market, taxes. But what we don’t worry about are the two things we really can control, how much we save and how much we spend.”
Mr. Drucker says that most of us have our thinking all wrong about saving. He says that we pay our bills first, get what we want or do what we want with what is left after paying bills, and then if there is anything left over after that this is what we save. He says this should be reversed and we should have a set amount set aside each pay period that we save, then pay our bills, and then do what we want with what is left.
Mr. Drucker says that most of us don’t do this because we lack discipline, we have developed wasteful spending habits, and we have not learned to live within our means.
The message is, in order to become more money smart and financially literate, we need to learn how to discipline ourselves to live within our means, and that requires changing the way that we think about saving and giving saving priority.
Watch CBS’s interview with Mr. Drucker below:
Here is today’s step to financial wellness from Thirty Steps to Financial Wellness developed by Money Management International:
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Disclaimer: I have a Bachelor of Business Administration degree but I am not a financial adviser. However, I have acquired years of knowledge about personal money management through my life experience working through my own personal finances that allows me to share that knowledge with readers of Know Your Money. The Know Your Money Blog posts written by me are my own common sense observations and opinions and are for informational use only. Although my blog includes contributions from experienced financial professionals, please make your own financial decisions based on personal research or contact a financial adviser.
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