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Show Page 7 THE GARFIELD COUNTY INSIDER It Makes Sense. DECEMBER 21,2006 dom. And every time you put money into savings, you are a little more free than you were before." Excuse No. 4: Someone else will take Everyone knows the key to building spending on items care of it wealth is through saving and investing, they don't need. While this is more likely to be the exY et last year, the U.S. Commerce "People say, Garfield County Ambulance will cuse of a spouse waiting for the other to Department's Bureau of Economic 'Money just goes 1 be holding a Basic EMT Class startAnalysis revealed that Americans had through my fingers, or, 'I don't know bring home the bacon, anyone can fall ing January 2007. Classed will be a negative savings rate for the first time what happened to it,'" Stav says. If that's into the trap of putting the savings reheld on Friday nights and Saturdays the case, "pay attention and bring it from sponsibility onto someone else. since the Great Depression. Counting on an inheritance to kick in at Ruby's Inn. So why aren't people saving for their the unconscious to the conscious." Once you find out what you're spending money or even entertaining serious hopes of enfutures? While a number of excuses may Cost is $300.00 plus cost of on that you don't need, you'll realize it's joying the fruits of gambling or lottery be given, few are legitimate. books. (Ideas for sponsors are all money you can be saving. winnings are forms of this excuse. "Unless you're working in a sweatavailable) Ultimately, you are responsible for In order to make sure you save that shop and you're getting paid 12 cents To register, or for questions, an hour, you can save," says Rob amount, have it automatically taken out your own financial future. Even if someplease call: Bennett, who writes the Financial Free- of your account before you pay anything one else does bear most of the financial dom Blog at PassionSaving.com. else for the month. "The first check you responsibility in your household,."you'd Susan Harris Excuse No. 1: I don't make enough write every month should be to you," better have a say-so on how it's being (H) 435-679-8834 Stav says. "That should go to your sav- run, because nine out of 10 of us are "We think we don't have enough (C) 435-616-8835 money because we're always the last ings. Start with 5%; hopefully you can going to have to take care of our own ones in line," says Julie Stav, author of get to 10%. When you get a raise, put money at some point," Stav says. Ron Harris Excuse No. 5: I'm saving through my "TheMoneylnY ou!:DiscoverY ourFihalf of your raise in savings." (H) 435-679-8834 nancial Personality and Live the Excuse No. 2: I'll get around to it later 401(k) (C) 435-616-8834 Y es, it's crucial to save as much as Millionaire's Life." What's the first thing "The answer to that excuse is: Someday you pay when you get your paycheck? never comes," says Bennett. "Y ou getpossible for retirement, but if you don't Tammy Barton If the answer is your mortgage, your car older and the more bad habits you have, have additional savings for emergencies (W) 435-676-2662 note or your credit card bills, you're the harder it is to break them." People and life's occasional luxuries, you're go(C) 435-690-0137 probably buying into this excuse. who put off saving and investing also ing to end up having to dig yourself out One reason many people don't think don't get the benefit of time, which is of debt. Class must have a minimum of they have enough to save is because one of the greatest factors in successful "The reason people get themselves in they don't know where their money is wealth accumulation. trouble financially is because they don't participants or it will be cancelled. going or how much money they're "It's little by little that you're able to have anything in savings," Stav says. accumulate vast amounts of money," "They think that because they own a says Jeff Harris, founder of The Family home and they're building equity or they Legacy Forum, an organization that helps have money in their 401(k), that's families preserve wealth. "For example, enough. If there's an emergency or the take someone who is 25 years old who car breaks down, then they start borrowjust sets aside a dollar a day in their re- ing money." tirement account. If they earn 8 or 9% A savings plan should have a multilayinterest on their money, by the time ered approach: Savings should be allotIf you are using fuels that are oil or gas they're ready to retire they would have ted for retirement, emergencies and the based to heat your home this winter, you evolving needs of life. close to $1 million." may want to save by using electricity from Excuse No. 3: I deserve a little luxury Excuse No. 6: This item or service will Garkane Energy. Our residential rate has not pay for itself in my life increased since 1992. After 1,000 kwh the price One of the main reasons people give The purpose of having a healthy savdrops to 4.150 per kwh. ings plan is not to deny yourself the plea- for blowing their savings is because sure of buying things you like today. Not they're buying intangibles that are worth only should you be saving for retirement more than money over time. While there No Oil or Gas-based and emergencies, but you should also re- are some items that fall into this category, ward yourself by saving for things you'll such as an education, it's easy to ratioheating-fuel can compete want to splurge on sometimes. If this is nalize that something is worth more than with Garkane's your favorite excuse, Stav suggests cre- it is. "People say 'I should buy a vacation ating separate accounts for various savElectric Rates ings goals, including occasional indul- because I will learn about the world,'" Bennett says. That may be true, but "you gences. If you currently have an Oil or Fuel based heating source have to compare financial freedom to the "If I know that this account is my that is too costly to replace, take a look at the new line of benefit of the trip around the world." (spending account), that's the first one heaters Garkane offers from CONVECTAIR, as an alterA better idea would be to save for I'm going to put my hands on," she says. native heating source for your home. Premium that vacation. It may take longer before "If I know my other account is my vaelectric beaten Great for those cool.spots in your home, these units mount you can go, but you won't be comprocation money, I'm not going to touch it to warm to a wall and plug into a regular 120 Volt outlet. 240 Volt mising your financial future in the prountil I take that vacation." any cwd mom units also available. Contact Marcus Lewis in the Loa tvf ft*fat* IB Another way to combat this excuse cess. Office for further information. is to think of saving as a luxury, since Once you stop making excuses, you'll your savings buy you the freedom from see your money add up. At that point, being constrained by money worries, something interesting will happen, Bennett says. Bennett says. "The way I think about saving is I "After you've gotten serious about call it spending money at the freedom saving for six months, what you'll find is — energy store," Bennett says. "Just like you buy you actually like it. Spending is addic-Quality Service, Local Controla product or buy a service, you buy freetive, but saving gets addictive, too." 800-747-5403 BASIC EMT CLASS STARTING JANUARY By Veda Hale Time to start thinking about how to heat your home for the coming Winter! canm t n«>ii Garkane L . . . |