Rule Breakers: How You Adjust Moneys Saving Rules To Fit Your Lifestyle

When you think about money and breaking so-called “rules” of how to spend and save it, you immediately assume that you’ll be just another statistic, a person who can’t save and struggles day to day with money.

But one of the more overlooked aspects of saving money is modification and how, depending on your lifestyle and your situation specifically, you can still save money but at a pace that allows you to keep your status quo and yet still avoid the pratfalls that come with money struggles.

That said, you do have certain habits that can’t be changed, such as adhering to a budget and not being afraid or reluctant to change it should something about your income change (i.e., job loss, pay cut, etc.).

Those who continue to live a certain way, spend a certain way have to be willing to adapt if something of that nature comes to fruition.

But some money rules aren’t necessarily made to be broke but instead adjusted to some degree. The old mentality of how much you can save varies from one household and one person to the next.

A good rule of thumb is about 5 percent of your pay should be saved per paycheck. If you’re somewhere in the 2 to 3 range, that’s acceptable, too. The key isn’t so much the number for some but instead that you’re not in a break-even scenario or, worse, losing money each month. Some have argued that 10 percent is the goal, which is a bit of a reach.

If you’re someone who only saves 2 percent, that doesn’t mean you should accept that, either. If you pursue your budget and can find ways to cut certain expenses, then, by all means, you should be trying to do that. But just because your savings percentage is two, and the norm is five doesn’t mean you should be overly hard on yourself.

The other element of saving that tends to sting is your inability to simply spend the money that is yours, instead relying on borrowing. Borrowing money often is a necessary evil, especially when you consider smart borrowing needs (cars, homes, school loans, etc.). Granted, credit cards shouldn’t be your first option, but sometimes you don’t have much of a choice in the matter, especially if an emergency arises and you’re back is against that proverbial wall.

If you have to use a credit card, use it. But you should then start examining why you don’t have a savings account or emergency fund as well.

Rules regarding money vary, so you can’t fully put yourself up against those expectations.

At least not all the time, as long as you’re doing something productive with your money.