August? October? December? – Spring or Fall of 2021? When will this pandemic end? Will we ever return to normal again?
Some pundits say nothing will ever be the same for us . . . and, maybe, a few things shouldn’t be. Old bad habits like overspending, maxing out credit cards or putting off saving some of our money would best be left in the past. Now’s the time to turn negatives to positives.
As the coronavirus shut down daily life as we knew it, many of us found we were spending less and saving more. From fewer stops at coffee cafes to limited shopping sprees, less driving and minimal social outings, we were able to keep bigger balances in our checking accounts. If we continue to cut back on non-essentials, we could easily save enough to invest nicely each month for the future. Up until now, only about one in five Americans put away anything on a regular basis. It’s a good time to reverse that trend.
Turn negatives to Positives
Each of us could sock away several hundred a month by curbing our spending as we’ve done during the pandemic. In other words, all we need to do is maintain the money-saving steps we’ve been forced to take. Investing those savings each month could add up to a nice egg nest for anyone who continues to:
- Limit shopping trips to one a week to avoid over-spending and impulse buying.
- Purchase staples in bulk, or stockpiling, as we did during stay-at-home orders.
- Save money by relying on home entertainment, rather than pricy outings.
- Reduce visits to restaurants, bars, theatres, malls, arenas and other such venues.
- Burn less gas by scheduling appointments and errands consecutively on the same day.
Most of us have come to realize that we can get along with much less of everything. All it takes is perseverance. With dogged determination, we can all develop the habit of saving.
Start by making a list of everything you did without during the pandemic. You won’t even miss those costly, old habits that chipped away at your income, especially if you route your savings directly into an Independent Retirement Account (IRA).
You can have more than one IRA account
An easy way to get ahead financially: Deposit your savings in tax-deferred accounts, or IRAs. You can have more than one of them. Brush up on the benefits of building wealth with traditional IRAs and Roth IRAs. Contact Ron Van Surksum at email@example.com or make an appointment: 616-531-5220.
Manage Your Money . . . financial facts for a brighter future provided by Advancd Asset Management LLC
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Ronald Van Surksum, CFP 4555 Wilson Ave SW – Suite 2 Grandville, MI 49418 firstname.lastname@example.org
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