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Spender or Saver?


From your first job to your first day of retirement, your relationship with money will dictate how you live. Persons who go into retirement with good health and more wealth can enjoy a more comfortable retirement, while those who are less healthy and have less money when entering retirement may struggle with meeting retirement expenses once income stops flowing in. Moreover, switching up your money habits from spending to saving can help you live with less anxiety and less fear of what the future holds.

The Spender

Overspending is living beyond your means. Society leads us to believe that we need to have more to be happy—the biggest house, a nicer car, more stuff to fill our house and our garages, not to mention our public storage units. Compulsive shoppers buy items that never get used, they spend more time shopping than they do with family and friends, and their credit cards are maxed out. Overspending often results from lack of planning—not checking to see if a purchase will fit within your overall financial plan or budget. Even though overspending can make one feel in control, or provide an escape from stress or emotional pain, it is a real problem, and requires a change in mindset to better manage money and gain control.

The Saver

Saving money helps you prepare for emergencies, can help you limit your debt, and can help you plan for retirement. Individuals that save money set and work toward financial goals, they work to dodge lifestyle creep knowing that needs don’t go away, and they live a frugal lifestyle regardless of whether their income can afford certain luxuries. Savers review their expenses on a regular basis to evaluate rates on loans and insurance policies as well as recurring subscriptions and services to determine if they are still needed or whether payments are made simply out of habit. Changing the way you view and spend money will make you feel good and make you want to save even more.

Making the Switch

Saving more money doesn’t have to be difficult. But, developing the habit of saving money will take time. Start off small and increase amounts over time, learn to say “no” to purchases for items that you do not need, and treat savings as a monthly expense. Setting aside money for savings before you spend can help you increase the value of your savings account, build up an emergency fund, and set aside money for retirement. Consider using cash or debit cards if you have trouble with overspending. These methods of payment will force you to spend only what you have. In return, living within your means will result in having confidence about your future and your retirement.

Personal – Saving, Planning & Budgeting

Ready to explore how Sunflower Bank can assist you? Speak to a personal banker at a branch near you, contact a specialist on our Wealth Management team, or find the right financial partner on our Commercial Banking team for your business needs. 

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This article contains general information only. Sunflower Bank is not, by means of this article, rendering accounting, financial, investment, legal, tax, or other professional advice or services. This article is not a substitute for such professional advice or services, before making any decisions related to these matters, you should consult a qualified professional advisor.