Suze Orman Says Saving Money Is ‘Not an Act of Denying Yourself.’ Here’s Why She’s Right

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Saving money can work wonders for your outlook. Read on to learn more. 

A recent SecureSave survey found that 67% of Americans don’t have enough money in their savings to cover an unplanned $400 expense, like a car repair or medical bill. And that’s a problem, because we all need emergency savings to cope with life’s many unknowns, from job loss to home repairs to good old inflation (something a lot of people are struggling with right now).

Of course, it’s easy to see why so many Americans don’t have lots of money in their savings accounts. It’s hard to build savings when bills pile up, and when there’s constant temptation to spend extra.

But it’s really important to get into the habit of contributing to your savings regularly. And while you might assume that doing so will be a painful experience, financial guru Suze Orman says otherwise.

When saving money improves your outlook

It’s clear that to be able to save money, you can’t spend all of your money. You’ll have to give up some things to be able to put cash in the bank. Those things might be a larger home, a nicer car, or even smaller luxuries, like takeout meals when you don’t feel like cooking and clothing items that catch your eye while window shopping.

But Orman strongly feels that it is possible to get as much pleasure out of saving money as spending it. That’s because boosting your savings could work wonders for your general outlook and wellbeing.

In a recent tweet, Orman said, “Saving money is not an act of denying yourself. It’s the means by which you can bring more confidence and calm into your life, because you’re not overextended. Celebrate your savings.”

She’s totally spot on. If you have the knowledge that your savings are in a good place, you can walk around with more confidence and less stress. And as you meet savings goals, whether it’s banking your first $500 or completing your emergency fund, you can feel good about yourself for having accomplished something big.

An effective way to grow your savings

There’s a lot to be gained by getting your savings to a solid place. If you’re not there yet, one really effective way to boost your savings is to put the process on autopilot. Rather than relying on yourself to spend carefully each month and hoping there’s enough money left at the end of it for your savings, set up an automatic transfer from your checking account to your savings account at the start of each month.

That way, you’ll have money land in your savings off the bat, before you get a chance to spend it. And then, if you realize you have extra money toward the end of the month after having covered your essential bills and met your savings goals, that money will be yours to spend without worry.

A robust savings account could not only help you financially — it could help you feel better about yourself on a whole. So if your savings need a boost, try automating the process and seeing if that leads to great results. Chances are, it will.

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