My Savings Habits Made Me Poor!

No Matter How Much I Tried to Save, I Never Had Any Money...

Savings, finances, economy and home budget calculations. Close up of man doing calculations and writing notes at home.

Saving money is something that elludes many people, myself included for a long time. Once I turned 18, I decided I was going to save at least some of my paycheck and squirrel it away for a rainy day. A few jobs, a few relationships, and 20 years later, I still haven’t saved. That does speak volumes about my ability to save, but it also speaks volumes, I suspect, to most Americans as well. Latest statistics show that Americans save 2.5% of their net income every year. That dismal statistic is even worse when you figure Americans are only saving $1,000-$2,000 a year.

Over the past 20 years, what should have been inconviences, were full blown emergencies. Job loss, hot water heater exploding, car repairs, and a myriad of other small expenses that became big financial problems. I don’t really think my situation is all that uncommon. How many of you have actually experienced a job loss, hot water heaters exploding, and your car deciding one day to give up the ghost?

My lack of saving money cost me a small fortune the past 20 years, as what should have been minor inconvienences, cost me a small fortune. What did I do when I lost my job right after purchasing my house? I foolishly used credit cards. How about the hot water heater exploding and flooding my utility room? Foolishly refinanced my mortgage with a cash-out. The car, well that was the most foolish mistake of all. I didn’t have the cash to fix it, so I bought a new one! I was trudging along through the past 20 years, upset that circumstances beyond my control put me in these situations, until I just got tired of emergency after emergency.

Taking a hard look at 20 years of foolish money mistakes takes quite a bit of courage. I’m not sure what kind of courage it takes to share it with the entire world, but I’m willing to do it if it can help others. I hope you follow my foolish money adventure and hopefully, as a community, we can grow and share our mistakes and successes with money.

About Michael Loveless 3 Articles
A foolish budgeter, saver, and investor. Spent the first 20 years of my life wondering from one financial emergency to another. Now learning to buckle down and find optimal ways to budget, save, and invest my money.