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Misconceptions About Saving by William Schantz

Misconceptions About Saving by William Schantz

If you wish to live peacefully without any worries as a retired person, then you need ample savings to help you. Life can take an unexpected turn at times, and you might find yourself struggling then. It is always better to plan accordingly.

While saving is very important, it is also one of the most misunderstood concepts. There are so many misconceptions people have about saving.

In this guide, William Schantz will take you through misconceptions about saving to help you save in the best possible way. Continue reading to find out!

Misconceptions About Saving Cleared by William Schantz

Here are a few commonly held beliefs about saving that most people have.

1.     You Need a Large Income to Save

Most people believe you can only save money when you have a large income. But how many people have massive incomes, allowing them to save comfortably without compromising their lifestyle? You must save some amount of what you earn, regardless of how much you earn. Understand that you are doing this for yourself. So even if you have to compromise on your lifestyle a little bit, do it to help yourself.

2.     You Should Be Debt-Free Before Saving

Many people have huge debts they have to pay, so they should pay off their debts before they start saving. William Schantz says that saving isn’t binary. You can save and keep paying off your debt bit by bit. But for this, you need to have adequate planning done to help you have a disciplined approach to it to help you through it.

3.     You Should Immensely Cut Down on Expenses

While you will have to cut down on your expenses to save, it doesn’t mean you will have to compromise your lifestyle massively. If you have a plan in mind and know exactly how to go about things, it all becomes much better for you. William Schantz says you need to have a strategy to save well.

4.     You Need to Save a Certain Percentage Every Month

There is no specific formula to help you save well. You need to decide how much you can save in a month. You can save up a particular amount depending on your income and expenses and how much you want to save at the end of a specific period.

5.     You Should Not Save Up at All

Many people believe that saving is not the best thing to do. They believe that money is meant to be spent and you cannot live your life to the fullest by saving. Remember that you need to have enough savings for a rainy day. Life doesn’t always go as you expect it to. So it is always important to have something to fall back to.

Final Words by William Schantz

William Schantz says saving is crucial to help you live peacefully after retirement. With these misconceptions cleared, you can start saving today if you haven’t already! First, devise a saving plan for yourself and then follow it to the core to help you with saving.

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