How the Tortoise Successfully and Simply Saves
The ever-cautious Tortoise has always been a long-term planner, which is why one of his favorite hobbies is to save. He thinks it’s simple, really, because there are things you can do daily to add up to a bigger goal. The Tortoise follows a few simple rules so that he can always make the best decisions with his hard-earned money.
Start with an Emergency Fund
One of the first things the Tortoise learned when he began saving is to be prepared for the worst and hope for the best! By saving enough in his emergency fund to cover basic living expenses for up to three months, he made sure that he and his family were prepared for anything unexpected (Investopedia 20201).
Skip Unnecessary Purchases
The Tortoise enjoys treating himself every once in a while, but also knows it’s important to cut small, silly expenses out where he can. For example, he always makes his coffee and lunch at home to bring to work, rather than buying something at the corner store every day (The Balance 20202). He knows that saving those few dollars every day will add up to saving for something much more exciting!
Diversify Streams of Income
The Tortoise has a steady, dependable job, but he knows that if something bad were to happen, all of that could change. He doesn’t want to only depend on that one paycheck, so he is always exploring new ways to make money (Money CNN 20173). This includes side jobs, real estate investments, learning new skills to take on new roles at work. He now has the security of knowing that he can still provide for his family if his full-time job is affected in any way!
Although the Tortoise has always loved being safe with savings, incorporating these habits into his daily life has helped him to save without even needing to think about it. These, combined with his regularly budgeting and saving techniques, have already helped him to prepare for important life events like growing his family and purchasing a safe and secure home. He hopes to retire one day, but for now he knows he and his family are prepared to face whatever comes next in life.
Get financial planning insights straight to your inbox
Sign up to my mailing list to receive exclusive tips, insights and news on financial planning.
Thank you for your subscription!
- I consent to the Representatives of Tiger, an agency branch representing Manulife (Singapore) Pte. Ltd. (“Manulife”) to contact me (even though my telephone number is already registered on the National Do Not Call Registry) for marketing purposes, and provide me with marketing, advertising and promotional information, materials and/or documents relating to products and services of Manulife. The consent I provide is in addition to and does not supersede, vary or nullify any consent which I may have provided previously in respect of the above purposes, unless my previous consent is withdrawn.
- I confirm that I am the user and/or subscriber of the email provided by me.