Saving is Earning

So we have all heard the phrase "A penny saved is a penny earned", well in these times, it is true. Many people look at spending versus saving and always say, "I need the tax deduction, so I will purchase these items". If you are in the 25% tax bracket, then that dollar spent will only help you by 25%. Yes, we all need income tax deductions, but you don't need to spend money to just get an income tax deduction. Instead of purchasing the item just for the income tax deduction, you may want to save your money.
Saving money is normally a thing of the past. Most people and companies for that matter of fact, do not have emergency funds in place in case something drastic happens. Individuals need at least 3 months of expenses in the bank as their emergency fund. I advise most businesses to try to put a percentage of sales back into savings if possible. Use these funds in dire emergency, for example, like an accident where you had to go to the hospital or your engine failed on you automobile.
Saving is earning. Start saving today because you don't know what your future holds. Just think of all of the grief and heartache that you can save by knowing that you have an emergency fund just in case. Start working on it today. Put some back every week, and be diligent.