According to a recent survey by Bankrate, about 32 percent of Americans save 5 percent or less of their
income and roughly 18 percent aren’t saving anything at all. That’s 50 percent of us saving little to
nothing for emergencies, the future and retirement. The only way we can change this number, while
simultaneously gaining more control over our future and solidifying our financial security, is to start
saving NOW—by choosing a Number, Owning it and setting it aside Weekly.
The NOW Method of Savings
The first step in saving money NOW is to choose the amount you want to save (your Number). Experts
generally recommend that you try to save 15 percent of your income. While that might be your end
goal, don’t be afraid to start smaller just to make it doable. For example, if you currently don’t save
anything, choosing to save 5 percent of your income is a huge improvement. If you currently save about
5 percent, upping that to 7.5 percent will make a noticeable difference.
The second step is to Own it. That means committing to yourself to saving that percentage
consistently—before doing anything else with your money. I discuss this concept in my book, Financing
Your Life. In it, I offer the idea of paying yourself first. This is a crucial step in owning your number and
ensuring you save NOW.
Finally, the third step in starting to save NOW is to set aside your savings every single Week. Habits are a
powerful thing. Think about your daily drive to work. By now, you probably make the drive without
thinking. You don’t remind yourself when and where to make turns and you don’t have to consult a map
to successfully arrive at your destination. It’s not a pain to make the trip and, really, the drive probably
doesn’t require any great effort from you. That’s how saving money can be when you do it every single
week, without fail. Eventually, you won’t even think about it—and you certainly won’t miss the money
as it moves from your checking account into your savings.
Saving money isn’t hard—it’s just a matter of finding the right number, owning it, and setting it aside
weekly. Get started NOW and change your future for the better!