Yes! Have you read the book "The Richest Man in Babylon"? It talks about "paying yourself" first, and of course, as Christian myself, I put giving before all expenses, and savings second. However, I also think it depends on how you spend money as well. If someone is already extremely careful with spending money, putting savings at last may bring in the max savings at the end of the day.
However, one thing I don't see here is "letting the money work for you" part of getting financial freedom? Savings are important, but knowing how to and what to invest in is equally so important as well :)
I write about personal finances quite frequently, feel free to come follow me. :)
Blessings,
@stepbie
Thank you for your keen comments mam. I just briefly mentioned in my post that the 20% outright savings should be put in a place where it should be inaccessible to you and harder to liquidate. I'm hinting here that part of the savings can be your seed money for investment such as bonds, stocks, mutual funds, etc. That way it earns money for you. That's the second part of savings which is saving to invest. Yes mam I will follow you to get a different insight on financial planning. Thank you for taking the time to read my post. Happy steeming!
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lol my bad! I jumped the gun! haha! Look forward to more posting from you! Enjoy! :)
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