How to Overcome the Gut-Wrenching Pleas of a Neglected Savings Account
Nerve-racking isn’t it?
That distressed feeling that your finances have spiraled out of control.
I’ve been there!
At one point, I began to dread checking my mailbox because I knew what was coming.
Bills, bills, and more bills, Ugh!
Later I would find myself sitting tensely for several minutes. And staring at the dizzying pile of bad news.
Not surprisingly, I was afraid to open any of them. Because each one represented a demand for money. Which of course, I did not have!
Or at least, not enough to cover them all. So, I stared. And contemplated my predicament.
I debated hiding them in a drawer and ignoring them. But that wouldn’t help!
Eventually, I summoned my courage. I reached for a credit card statement at the top of the stack. And I could feel the anxiety building in the pit of my stomach.
My jaw tightened and my teeth clenched as I grudgingly opened it. My heart was pounding as I removed it from the envelope. Then my eyes bulged in disbelief!
My previous minimum payment didn’t make a dent in the total balance. In fact, the balance had increased! Especially after the addition of interest and late fees.
UGH! Now what?
I dropped my head in defeat.
Unfortunately, I suffered through this tortured routine on a monthly basis. And paydays didn’t provide any relief. Instead, they amplified my distress.
I remained embroiled in a bitter financial battle. Deciding which bills needed paying urgently. And which ones had to wait longer. Otherwise known as the…rob Peter to pay Paul method.
Admit it! We’ve all done it! And FYI — I don’t recommend it!
But, the most horrifying thought of all! What if I was still stuck with these unbearable money troubles next year? Or the year after that? Or the year after that? How depressing!
I knew building my savings would be a financial game changer. It represented my empowerment to regain control over my finances. Also self-confidence in my money management abilities. And the assurance that I had protection during an unexpected money crisis.
All which I desperately craved!
But, how can you save money when you’re overwhelmed by debt?
Oh, the despair of…
Agony and Abandonment
Negative thoughts plagued my mind. Like the fear of an uncertain financial future. The shame of overwhelming debt. And the stress of having no savings for backup.
And if that wasn’t bad enough! My endless worry over money woes caused me to experience many sleepless nights. In fact, my subconscious tormented me constantly over my lack of savings.
I imagined my savings account famished for cash and starving to death. And crying out in agony, “Feed Me, Feed Me, Feeed Me! I need financial nourishment!”
I tried several ways to save money. But despite my efforts, finding extra cash was like an episode of Mission Impossible!
I’ve clipped coupons. I’ve saved all my change after breaking a dollar. I’ve tried packing my lunches. I’ve even had my HR direct money to my savings account.
Yeah, that didn’t work! Within a few days, I’d be at the credit union making a withdrawal. Sad!
So, I tried to ignore those tortured pleas for monetary mercy. But with each paycheck shortfall, the agony intensified. And I could hear my heart-broken savings account wailing from abandonment.
“See me! Transact with me! Acknowledge my existence” it implores! “Why did you create me, just to forsake me?” I was content in my oblivion of nothingness — before I knew of possibilities; before I knew of promises; before I knew of pain from neglect! So make a deposit already! Help me to help you — pleeease,” it cried!
So, you’re probably wondering if there is any escape from this disastrous financial and mental anguish?
Thankfully, the answer is — Yes!
I utilized the following strategies to grow my savings and to avoid falling back into the death grip of debt.
But, many of you may still struggle with mounting bills. And with the mental torment from a neglected savings account. So give any, some, or all these options a try.
Relinquish your Refund
This is tough! Because we all hunger for that extra boost of cash every year.
It’s almost like winning a small lottery jackpot.
And it’s dangerously tempting to run out and buy all the things you desperately want but can’t afford. Like the latest iPhone. Big mistake!
For example, one year I received a $1,200 tax refund. My initial thought was to buy a new big screen HDTV. I imagined how nice it would look in my living room. And I was excited to experience all the updated technology it had to offer.
But the truth is, I didn’t need a new TV! I already had several. I just wanted one with more features.
And you know what? Previously I would have purchased it in a heartbeat. But improving my financial situation meant eliminating my destructive spending habits.
So I took a shrewd look at my refund spending history. I recalled how after all the cash was gone I would find myself picking up right where I left off before the refund.
Broke! And trying to figure out how to get bills paid.
I was sick and tired of repeating the same old pattern. Then, Wham! It hit me like a ton of bricks.
My tax refund presented a fascinating opportunity! Why not utilize this mini-windfall to destroy a significant portion of my debt burden? While simultaneously adding to my savings.
So, I devised my own debt blasting, money-saving guideline. I dedicated 60% ($720) straight to credit card debt. Next 30% ($360) I directed to savings. Lastly, 10% ($120) was for whatever. That way I didn’t feel completely deprived of any fun money.
Wow! How liberating! I could feel some of the burden lifting from my soul.
Personally, I learned to treat my refund money as a ghost fund. Think about it. You’ve gotten by without it all year anyway.
Granted, you struggled! But spending it away into extinction on God only knows what — would be foolish!
Seriously, it’s hard to give up all your refund to bills. I get it!
But after depositing that supplemental burst of cash, I could hear my savings account saying, “Cha-ching!”
Terminate your Tardiness
Guess what?
You’re being robbed!
And worst of all, you’re doing it to yourself!
Every time your payments are late, creditors hit you with crippling fees. Which in turn, wreak havoc on your already fragile financial situation.
As I mentioned earlier, I struggled fiercely with paying bills on time. Then it hit me — I was losing money! However, calling creditors made me cringe due to a previous horrific experience.
I once fell seriously behind on a credit card payment due to an unexpected emergency. Of course, I had no emergency fund at the time. So, I had to scrape together whatever funds I could to handle the crisis.
It took time to recover from the adversity. And some of my payment obligations suffered.
I received daily phone calls from bill collectors. So, I finally reached out to one creditor to work on a solution.
After being immediately connected to collections, the representative stated, “your account is 60 days past due, and we need payment in full TODAY!”
I tried to explain my situation and requested more time. I was willing to make a small payment that day. But, I needed an affordable schedule to pay down the balance.
Nevertheless, the rep’s voice grew louder. Demanding I pay 50% that day and 50% the following week. And I could hear the judgemental hostility oozing through the phone. My heart began pounding again. And a lump begin to swell and tug at my throat.
My voice cracked as I reiterated that I didn’t have the money. The rep barked at me to find the money and threatened to trash my credit. By now I was breathing heavily and didn’t know what to do or say.
The rep also threatened to pursue legal measures. At that point, I couldn’t take it anymore. It was embarrassing enough to admit that I couldn’t pay. And I needed help, not harassment. So — I hung up!
I ignored their calls after that. And sadly, they did put a black mark on my credit report, but there was never any legal action.
Needless to say, I was no fan of speaking to creditors. But later there came a time when my satellite bill seemed outrageous. I worked up the nerve to call the company for assistance.
Although the representative’s attitude was not overly favorable, they did work with me.
The rep helped me by moving back my payment due date to avoid late fees. Also, they condensed my services so I didn’t have to pay for channels I never watched. That lowered my bill by $20.
So saving a $10 monthly late fee along with the additional $20, totaled an extra $30 that I could now add to my savings.
It may not sound like much. But this nice monthly snack totaled a $360 full-course meal for my savings by year’s end. Just imagine doing that for all your late payments and watch the funds add up.
And to this day, my intense dislike for bill collectors encourages me to pay on time.
Step-Up your Side Game
In this “gig-economy” side hustles are everywhere. They can be simple, flexible and great for extra cash.
However, finding a suitable one could prove challenging.
I tried several before finding something that worked. I’ve sold energy services but didn’t enjoy it. I tried selling discount merchandise online, but that was a hassle. And, I dabbled (if you can call it that) as a legal nurse consultant.
Let me explain. I paid a significant investment to take a one-week seminar. I had planned it for over a year. I even took time off work to be there.
I attended every lecture, participated in all learning activities, and wrote as many notes as possible. In fact, when I took the certification exam at the end…I aced it! You’re probably thinking that I was ready to start consulting, right? Wrong!
And here’s why — I was intimidated by lawyers! The seminar talked about marketing your services. And I did make one outreach attempt to a lawyer. But, I was extremely nervous and filled with relief when I didn’t reach them.
The truth is, I felt unprepared and unconfident with the legal aspects. I didn’t feel trained enough to pursue an actual client. Of course I did have all the books and learning materials to study more, but I lost the motivation for it.
Obviously, finding the right side gig was problematic. Until finally, a co-worker invited me to a crystal party she was hosting. The process was intriguing.
Now get this: she supplied the venue (her home), the food, and the guests. And the representative shows up with her suitcase of merchandise to showcase. That’s all!
Towards the end, the rep made a pitch to recruit more sellers. She boasted about her flexibility and being her own boss.
My ears perked up! As a busy mom, I needed extra cash. But, my time and energy had limits. And after observing how simple it all seemed, I signed up. The crystal company provided the kit. And after a few parties, it was mine to own.
It turned out to be a nice side hustle for me. I gave merchandise booklets to colleagues, friends, and family to place orders. Or I asked if anyone was willing to host a party.
Surprisingly, people were eager to host. By the way, the host did receive a slight percentage of the sales, which was a great incentive.
And the parties were quite profitable. For example, with one party I made a $100 profit for only 2 hours worth of fun, food, and mingling. And the bigger the party, the better the sales.
The best part was — I controlled my schedule. And the supplemental cash didn’t hurt either!
Bottom line, I learned there’s a trick to picking a side gig. For maximum income results, choosing something you’re good at and that you enjoy — is a must!
Most importantly, any money earned I designated strictly for savings. And with every deposit, my savings went from the wails of abandonment to the shouts of praise! Can I get an Amen!
DIY your ‘Do
Skip the salon!
This was a huge deal for me.
Professional hair care costs for women are astronomical! And a day at the beauty salon could set you back upwards of $50 dollars per visit.
Yet, despite my financial troubles, my bi-weekly salon visits were standard. During my visits I watched my stylist work her magic. As she blow-dried, flat-ironed, and shaped my tresses into the perfect hairdo.
I smiled from ear to ear upon seeing the finished results. My hair had new life, filled with bounce, body, and shine. I found myself tossing my head frequently from side to side to feel the silky strands swing against my neck. And, the compliments from other clients flowed before I exited the door.
Nevertheless! When you’re strapped for cash, something has to give. At least temporarily!
Honestly, I have battled myself back and forth over the years with my salon visits. I would carefully study my stylist’s methods. I noted which products she used. And I bought the closest non-professional version I could find.
Then I’d take a break for several months and do it myself. Did it save me money? You bet it did!
But, doing my own hair was a pain and never as good as the professional. My disappointing efforts would usually end up in a dull, flat ponytail.
Eventually, I would resume my salon visits — again. And just as before, I’d end up short on cash — again. It was a torturous roller coaster ride of need vs want. However, I had to face reality. These routine beauty treatments were killing my budget and couldn’t continue.
So, I began researching online for tips. And I stumbled upon an abundance of YouTube video tutorials.
Finally, I found success! And I began to love my own do-it-yourself hairstyles.
Admittedly, it took time, patience and practice. But, I learned to style my own hair to my satisfaction.
And, I saved at least $100 a month in salon services. Amazingly that’s $1200 a year! Which provided a substantial feast for my savings account.
However, if you don’t have the time, patience, or willingness for DIY that’s okay. Check for local barber colleges or cosmetology schools that may offer salon services. Their supervised students can style your hair at cut-rate prices. Which still helps add funds to your savings.
Relief and Reward
The debt struggle is real!
And satisfying your neglected savings under the pressure of mounting bills seems futile.
However, relief is within your grasp.
You don’t have to settle for the status quo of having too many bills and too little money.
Certainly, there are no one-size-fits-all answers. But try at least one of these options or maybe two. You’ll feel your anxiety weaken as your finances grow stronger. Still not convinced? Well, they worked for me!
And you know what? Within one year, my savings account went from empty to 3 months of expenses saved. All while bringing my debt down to a manageable level. And paying every bill on time!
Just picture the glorious day with no late fees, no creditor calls, and no money-related stress.
The day when you can confidently pay your bills and still have money for savings and a little bit of fun.
So what are you waiting for? The sooner you start, the sooner you’ll save. And, wouldn’t it be nice to see your money piling up instead of your bills?
The peace of mind from being in control of your financial future is a tantalizing reward.
So shake off that defeatist attitude and get down to business!
Finally put an end to those agonizing pleas.
Your savings account is counting on you!
Thank you for reading! If you would like more information on my upcoming blog site click here.
