Whatever you value, start saving for it - NBC12 - WWBT - Richmond, VA News On Your Side

Whatever you value, start saving for it

A little bit here and a little bit there eventually adds up to a lot. (Source: Pixabay) A little bit here and a little bit there eventually adds up to a lot. (Source: Pixabay)
(WWBT) -

Financial decisions are not made in isolation.

Many of us have made purchases we regretted, and you're left wondering why did I just buy that or why did I spend that much?

The more you understand what you value in life, the better understanding you'll have of why you spend money the way you do.

Ask yourself what you value. Is it family time, making your home beautiful or vacations?

Maybe you are a giver and love to help others. When someone comes to you and asks for money, you are the first to say yes, even if it hurts you financially.

If you value family, make a plan for it. Budget a certain amount each month so you can give it to family members. If you value education or getting ahead professionally, set aside some money to be able to take advantage of conference, webinars or classes.

Cherry Dale with the Virginia Credit Union said for many people security is a value, which means holding onto money is a good plan.

"Having money set aside in a savings account will help you feel more secure with your finances," Dale said.

If you value freedom, you will want to save money for the ability to travel when you want and where you want.

The bigger picture here is to have a robust savings account. Many American don't even have $500 in savings.

Start small by setting aside $20 a week if you can, and let it accrue over time. Make saving a priority when you budget and that will be there later for when it is needed.

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