Modern Use of Roman Philosophy
Back in the days when Rome ruled a large portion of the world, Cicero, a Roman Philosopher, Politician and Nobleman once stated, “To save, is to invest for the future”. Those words ring even more true in our own 21st century.
In today’s modern economy, that could mean a vacation, in many cases. Everyone needs a break eventually and some individuals save for years, just to experience a once in a life time vacation adventure. Sometimes this is for them, other times this is for a child, or the family. Either way, the only way to achieve that dream vacation is to save the money necessary, unless you happen to be a billionaire. Millionaires however, might actually utilize a budget with the ever fluctuating stock market.
Dream vacations begin with planning and money. This means whatever the family or individual income may be, a portion must be set aside. This must be done after normal monthly financial obligations have been met.
Oh, that mocha in the morning from the coffee house is define, but that $5 could just as easily go into the savings for that dream vacation fund. No, five is not a lot. However, if you have one coffee house coffee every day for five days, that equal $25 a week. That means a mocha costs you $100 each 4 week month. When you look at it that way, it becomes more significant. That mocha may be delightful first thing, but is it worth $400 per month? Not to mention if you aren’t the only one in the family having coffee house coffee. Realistically, a family of three’s pleasurable spending can easily add up to over $500 each month. This would be worse case scenario, with both parents dining out for lunch, having morning coffees and giving the kids money for fast food snacks.
There are an abundance of examples, and each individual knows their own weakness. Please feel free to replace coffee house coffee with a restaurant lunch or dinner, that drink after work, or even that weekend case of beer or bottle of wine. This is the way we differentiate between frivolous and obligatory spending in order to achieve the vacation of a life time. These little pleasures seem so trivial at the moment, but… these personal savings can easily add up to a dream vacation.
It just takes a little sacrifice… from everyone in the family.
Savings Account or Shoebox
Never keep money you are trying to save in your wallet, purse or pocket. That is the quickest way to make sure you do not save it. Instead, decide where your money will least likely be touched, till the vacation. This means keeping it out of sight, until adding money. In the old days people would bury their money in jars on their property… now that can be a little obvious in some neighborhoods. Let us hope no one has to resort to digging holes or prying up floorboards just to save some cash.
For those who like their money close, a shoe, hat or cigar box is handy. A nice lock box or save is even better. This allows the money to be accessible any time of day or night for an emergency… which is just what you don’t want if you ever plan on taking that vacation.
A savings account is a more viable option to keep money in reach, but just inconvenient enough to leave alone. A bank debit card will provide access to the account and enable the deposit of additional funds. The money is now safe, accessible AND… in most cases, it earns interest. Most banks will actually give you money, via a specific rate of interest, just for letting them keep your money. All of which just adds to that dream vacation fund.
Surprisingly, starting a savings account will actually earn account holders free money. This is not a hoax, nor a joke. Banks offer a predetermined interest rate, which dictates what an individual earns on their savings account. Some savings accounts even provide bonuses, such as higher interest rates on high balances. Different banks offer different programs, so it is always best to check the available options before making a decision. This is especially important if an individual is starting out with a healthy deposit.
Some banks even offer financial planning aid programs, to help individuals achieve their savings goal more easily. Some banks offer bonuses for adding to the savings monthly, leaving it in for a specific period of time and utilizing a portion for retirement funding.
Savings Help Achieve Dreams Faster
Taking all this into consideration, it is relatively easy to see how investing in a savings account can help save money. Those that take savings seriously and make sure to deposit any extra money, while lessening frivolous spending, will achieve their goals. The addition of interest added onto the savings account is just an added bonus one won’t get from a shoebox savings account.
You and your family can easily be on the road to your dream vacation within a year, if you invest wisely in a quality savings account. To save, is to invest in the future… whatever you decide that is.