Money, Power, Respect

with Kemberley Washington

We’ve all been there time and time again: The moment our eyes land on what we really want, we tell ourselves, “If only I pull a few dollars from my savings, I can purchase this. After all, I need it!”
But do you really?
Is it worth it?

Before dipping into your savings, determine whether a withdrawal is really necessary. What was the purpose of establishing the savings account anyway? Did you establish it for an emergency? Or did you establish it for something else?

Try your best to use the funds only for their intended purpose. My savings is totally off limits unless someone is truly in need, or there is an unexpected expense I simply cannot avoid.

It should take an act of Congress

For me, it wasn’t always this way. As soon as I saw a dress or shoes that caught my eye, I dipped into my savings.

To prevent this, I made it tougher to get access to my money. I began to seek accounts where it practically takes an “act of Congress” to withdraw my funds.

If you have a hard time saving, consider a similar approach. Use techniques that present certain barriers before you can make a withdrawal.

For example, when you open a savings account, consider forgoing the debit card that comes with it. This will make it just a little harder to access your money.

Keep your eyes on the prize

More importantly, keep your savings goals in mind and try your best to stick to them. Of course, sometimes we may fall short. But try to remain steadfast until you have claimed your victory.

The feeling you will obtain after reaching your goal will provide you with the encouragement to save more and more.

Remember: your choice, your future!

KemKemberley Washington is a certified public accountant and professor at Dillard University. Check out her e-book Let your budget inspire you!

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