Saving for the Future

Discipline and Sacrifice

Discipline and sacrifice are also factors when saving money. Discipline is how you control habits in order to achieve a goal. Opening a bank account is a first step, depositing funds consistently into that account (or accounts), requires discipline. To maintain a disciplined approach, before purchasing items, ask yourself if the item is a WANT or a NEED. Will purchasing the item affect your savings plan substantially? If so, is this a tradeoff you are willing to make?

Sacrifice is challenging in this age of consumerism. Sacrifice is the act of giving something up in order to make gains in another area. Ask yourself: “Can I do without this item?” As much as you may want the item, are you willing to go without it in order to save more and thus achieve your goals?

Sacrifices include things like eating out less, purchasing less expensive clothing, or having few vacations. More substantial sacrifices may be opting to not try out for the high school sport team and instead, working a job part-time that allows you to save money to pay for some college expenses up-front rather than taking those expenses on as debt. Do you have the option of selecting a local college and commuting rather than paying the costs of room and board?

Sacrifice requires you to think ahead to what you want to achieve, and challenge yourself to make conscious decisions, and perhaps uncomfortable choices, in order to meet your own goals.


Purchasing a home is an example of a goal adults set for themselves fairly early in adulthood. However, it’s never too early to set other financial goals, such as saving for retirement, or setting money aside for college educations if you have children.

During the winter of 2020 a statistic was released that stated the average American retires with less than $105,000 in their retirement accounts – a shockingly low amount. Contributing to an employee sponsored retirement program such as a 401k or working with a professional financial company to establish a plan, should be started early on. Initially it make feel like you aren’t contributing much, but over the years it steadily builds. It’s through discipline that you’ll hopefully find yourself aligned in the statistical group that retires comfortably!

Investing is also essential when considering the rising cost of living as well as unexpected life events. Sound financial planning and investing positions you to feel less impact when living costs increase, unexpected expenses arise, or unforeseen life events occur. And while not a pleasant thought, job loss can affect your situation substantially, especially if you aren’t prepared. Consulting with a licensed financial professional can offer peace of mind in all these areas.

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