One of the best ways to take charge of your finances is to try and accumulate a healthy savings account. Nobody wants to feel the stress of knowing that they are only a paycheque away from financial calamity. 1 (Rutgers Monthly Finance Message Feb. ’09)
What does the research say about savings?
- There is evidence from a study that savings is linked to increased happiness.
- Additionally, people that are “planners” and set goals and taking steps (saving money) to achieve these goals feel happier, and better about their lives, than those who don’t make plans.
- Findings lead to people feeling a sense of control when people plan ahead.
- It is well established by research that people who feel a sense of control over life events are often happier, cope better, and are more resilient in times of stress than others
How do I get started?
- Go for a goal! It’s easier to save for something specific than to save for savings sake.
- To calculate how much you need to save to achieve a goal, divide the amount you need to save or invest by the time (i.e. # of months) you have left to save. For example, you want to save $3,000 by next year, you’ll need to put aside $250 a month ($3,000 divided by 12).
Please let us know if you require further assistance.
Sincerely,
Mike Busby (4-Jul-23)
THE COMMENTS CONTAINED HEREIN ARE A GENERAL DISCUSSION OF CERTAIN ISSUES INTENDED AS GENERAL INFORMATION ONLY AND SHOULD NOT BE RELIED UPON AS TAX OR LEGAL ADVICE. PLEASE OBTAIN INDEPENDENT PROFESSIONAL ADVICE, IN THE CONTEXT OF YOUR PARTICULAR CIRCUMSTANCES. THIS ARTICLE WAS WRITTEN, DESIGNED AND PRODUCED BY MIKE BUSBY FOR THE BENEFIT OF MIKE BUSBY WHO IS A FINANACIAL ADVISOR FOR BRANDON LINDSAY INSURANCE AGENCIES, A TRADE NAME REGISTERED WITH INVESTIA FINANCIAL SERVICES INC., AND DOES NOT NECESSARILY REFLECT THE OPINION OF INVESTIA. THE INFORMATION CONTAINED IN THIS ARTICLE COMES FROM SOURCES WE BELIEVE RELIABLE, BUT WE CANNOT GUARANTEE ITS ACCURACY OR RELIABILTY. THE OPINIONS EXPRESSED ARE BASED ON AN ANALYSIS AND INTERPRETATION DATING FROM THE DATE OF PUBLICATION AND ARE SUBJECT TO CHANGE WITHOUT NOTICE. FURTHERMORE, THEY DO NOT CONSTITUTE AN OFFER OR SOLICITATION TO BUY OR SELL ANY SECURITIES. MUTUAL FUNDS OFFERED THROUGH INVESTIA FINANCIAL SERVICES INC.
