Saving for a Rainy Day? Guess What, It’s Raining!

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storm Our mothers always told us to save for a rainy day. She used to say make sure you look both ways before crossing the street and for goodness sake think about the consequences to your actions. Looks like mom had all the answers that we needed to prepare for the economic crisis! If we had saved, if we had looked before we leaped (or spent), if we had thought about the potential consequences maybe we would have been more prepared for these rainy days!

Unfortunately we don’t always heed mom’s advice as wise as it may be! Very few of us were prepared for the dramatic changes we are currently experiencing. The economic crisis the unbelievable unemployment rates and the fact that millions are so deep in debt they may never get out. Yes it is raining, in fact it’s pouring and most of us have no idea where our umbrellas are.

Luckily even in these troubled times we can still start to save for the next rainy day. We can and most of us have to cut back on frivolous expenses. Re-evaluate our priorities and start asking if the choices me make today are worth the consequences tomorrow. For example, is having the latest and greatest big screen television important enough to potentially have no money in the bank for the next few months? What if the furnace breaks down? What if your plumbing springs a leak? Will the television keep you warm and dry?

Most people answer those questions with, a resounding That is what credit cards are for. WRONG! Credit cards are not for buying that new television. Credit cards are not for making sure you have more than the neighbors. These days credit cards are being used just to pay off other credit cards! We have lost sight of how to manage money and the ever increasing number of bankruptcy cases in this country proves it.

Remember when it was normal to have 6 months worth of bill money in the bank? It was called being prepared for the unexpected. If you lost your job, you would have a few months savings to fall back on until you could find another one. If the car broke down you would have the cash to fix it and then would quickly replace those savings. This is how we used to live. Today we simply pull out a credit card and if that one is maxed out, no worries you have others!

Heed mom’s advice. Prepare for a rainy day by saving. Expect the unexpected and be ready for it. The economy may be getting better, but our money management styles are not! Our focus on the material world has replaced our focus on family and peace. Our insatiable need for instant gratification has replaced our desire for security and stability. We need to go back to that place, that time when priorities were on Being happy, not Having in order to be happy.

The economic crisis is forcing many of us back to that simpler time, like it or not! As for me, I like it! Somehow I think mom would like it too! Save today and be thankful tomorrow!