Saving Mistake: Saving Without a Purpose

09. Feb, 2010 3 Comments

A problem you will tend to find with saving is that unless you have a specific goal in mind, then saving can be quite difficult.

Saving without a purpose can make the entire process of saving much more difficult than it really is. When you think about it, saving just requires you to spend a little less and put away some of your unused money into a separate account.

What make that so difficult? The reason it becomes difficult is that we tend to find ways to spend our money when we have no goal in mind. You might just walk by a store and something will catch your attention and if you know you have the money to spend, then chances are you will not hesitate to purchase the item.

With a goal you will be able to keep on track with your plan to save and when the time comes you can do what you intended to do with the money you have spend saving.

What some people come to find when they reach their goal is that they have saved quite a bit of money and do not wish to see it go right away; instead they might want to start saving some more for an even bigger goal. There is no problem with this option as well but do remember that you will never be able to enjoy what you have earned if it just sits in a savings account.

If you do want to save for a long term reason, consider opening an RRSP if you haven’t already and save until your retirement. Once you retire, hopefully you will have enough money to sit back and enjoy the days ahead without worrying about your finances.

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3 Responses to “Saving Mistake: Saving Without a Purpose”

  1. Keith Morris 08. Feb, 2010 at 11:10 pm

    This is a really great point. I think there should always be a goal for saving anyway, not just so that you’re more motivated, but so that you know where your money is going. After all, what’s the point in having wealth if it’s not ultimately going to be spent on something?

    There are some more ideas on setting goals over on LifeTuner.

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  2. Matt Goulart 10. Feb, 2010 at 8:22 pm

    I like your last statement… "After all, what’s the point in having wealth if it’s not ultimately going to be spent on something?" I’d completely agree with that, maybe i should save up and get that Porsche 911. :)

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  3. Work at Home 11. Feb, 2010 at 5:33 pm

    Great post. I really enjoy reading this article. I learn a lot from you. Thank you for sharing this one.

    [Reply]

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