Business Class

Saving 10%

In order for someone to save 10% of their income they would need to restrain themselves from buying certain items. Obviously one should not cut important expenditures. But since 10% of one’s income is usually not a large sum, it could easily be put away and saved. One reason people don’t save at least 10% of their income is because it is spent, oftentimes, on needless items. Those items could be anything from snacks to music, tickets to clothes, laundry service to lunch. One does indeed require some of those items. Lunch, for example, is needed but there are cheaper ways of getting it. Instead of going out for lunch it would be cheaper to make it at home. Clothes are essential, but one does not need to buy new clothes every season. If done at home, laundry is much cheaper compared to having it done for you. There are other items, though, that are not necessary. Magazines, tickets to amusement parks and theaters, apps, daily coffee, premium cable/satellite television, or some online purchases are not needed, they are wanted.

So why should one cut these purchases and save 10% of their income? First of all, anything that is not worth one’s money should not be bought. Whether or not one saves that 10% one should try not to buy useless items. But we must recognize the importance of saving some of our money. Not only will it be useful to have in case of emergencies, but if one is ever to amass wealth one must save at least 10% of one’s income. One must obviously do more than save 10% one’s income to become rich, but it is a good start. The converse is also true. If one does not save some money, one will ensure one’s own poverty. Saving 10% of one’s income can reduce needless shopping and also help to insure their wealth.

 

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