So the lesson here, taught to us by Benjamin Franklin so long ago, is timeless. It is difficult to save money. Everyone knows that. To save a penny or a dollar, rather than immediately spend it, is a difficult task. Once safely tucked away in the bank or in your retirement fund, then comes the good feeling that is similar to pay day. Dr. Franklin tells us that the action of putting away a small sum is a good thing and is equivalent to earning the penny the first time.
The key, the secret for you to do this, is to have your employer do a split deposit each pay; most of your money should go into your checking account that pays your daily and monthly bills. A smaller portion of your pay, even $25.00 should go into an IRA or savings account; one you are not going to touch; one that does not have phone or internet transfer privileges. You want to avoid easy access to that money for every day bills or wants. That is the key to the ‘penny earned’; yes, it IS hard work not to touch it. But if you ‘earn it’, then as Franklin says in Poor Richard’s Almanack “by diligence and patience, if you would be wealthy, think of saving as well as of getting.”
So save a little each pay or every two weeks if you are self-employed. Keep that savings far away from your wants and desires. Be patient and over time a little becomes a lot. You will feel closely connected to the great American, Benjamin Franklin as well as feeling good about yourself, your situation and your life!