Managing money is an essential skill that can determine the quality of our lives. And, while not everyone agrees on the best ways to earn, save, and spend money, there are a few key practices that can lead to financial stability. One of these is the practice of saving money. Whether you’re building an emergency fund, saving for a dream holiday, or investing in your future, here are 5 money quotes to inspire you to save, as well as the meanings behind them.

“Do not save what is left after spending, but spend what is left after saving”. – Warren Buffett

American business magnate, Warren Buffet is synonymous with successful investing. Worth roughly $100 billion, Buffett is notorious for his spendthrift ways and his emphasis on creating financial security, despite being able to live frivolously. According to this quote, we must prioritise saving money instead of spending it, and only plan our expenses from the balance that is left after saving.

It's not easy saving when we’re faced with a rising cost of living or when our expenses eat up most (or all) of our income. Review your expenses – particularly the big ones like mortgage or rent and food – to see if there are any costs that could be reduced and redirected into a savings fund.

“He who buys what he does not need, steals from himself.” – Swedish Proverb

This quote speaks directly to the importance of understanding the difference between wants and needs and is a good reminder that even if you feel financially secure right now, to be cautious with your money. When you buy something you don’t need today, it can impact your future finances, and it could mean not having enough money to buy what you need tomorrow.

Tracking income and expenses in a budget can help you identify your wants versus your needs. Over time and with a clearer idea of where your money goes, you may be able to cut back on the things you want to build a savings fund for the things you need instead.

“Never spend your money before you have it.” – Thomas Jefferson

Spending money you don’t have is never a good idea and it could mean taking on debt you’re unable to repay. Debt affects more than just your financial wellbeing; it can affect your physical and emotional health too. So, controlling how you spend is crucial.

As much as possible, pay cash to avoid getting in over your head by spending money you really can’t afford to repay. And if it’s not possible to pay cash – think mortgage or car loan – understand the difference between good debt – debt that can improve your financial situation - and bad debt – debt that does more harm.

“Save for a rainy day.” – Aesop

You probably know the story of the Ant and the Grasshopper, one of Aesop’s best-known fables. The grasshopper fiddles away his summer and starves in the winter, while the industrious ant stores food all summer long for the cold winter ahead. It’s a harsh lesson for the grasshopper but a good reminder of the adage: save for a rainy day.

It’s impossible to fully prepare for a major financial setback but having an emergency fund to fall back on will help you recover faster.

“You don’t have to see the whole staircase, just take the first step.” – Martin Luther King, Jr.

While we have no real control over the future, it is possible to take a few positive steps to make changes that impact and improve our future.

If your finances aren’t where you’d like them to be, there’s no better time than right now to start making positive changes that improve your financial situation. Get personalised financial advice and recommendations for debt consolidation, saving and budgeting, when you contact a Mortgage Express finance consultant.

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