Save or Splurge?

That was the question we asked our visitors last month. Well, the real question was, “Your great Aunt just died and left you $1000. What would you do with the money?” While $1000 doesn’t go as far as it used to, in today’s economy every little bit helps, especially if you are a single mom struggling to make ends meet.

Well, the results are in and here’s how you said you would spend the money. One-third of our single minded visitors opted to put the money directly into savings. The same number said they would use the money to pay off bills. Good girls! But, the remaining one-third of our visitors said they would either share the money with their friends and family or splurge on themselves.

Listen, I’m not judging anyone. I took this poll too and fell into the “splurge on myself” category. Well I deserve it don’t I? I work hard! My philosophy has always been, everyone needs to do something nice for themselves every now and then. Unfortunately, over the years that mentality along with all my “well deserved” splurges has caught up with me. Had I shopped more wisely, spent less, and saved more, I might have a lot more in my savings account than I do today.                           

This made me wonder, what is the magic number I need to have in savings & investments in order to retire comfortably? As a single woman, it is never too early or too late to start saving for retirement. But, you need to be realistic about your earning potential and ability to save. So, if you haven’t read Martin Brown’s weekly money columns, blogs and Q&As like Can Money Buy Happiness? or, Battling Those Credit Card Blues, I  recommend you do so.

In these article you will find resources, candid advice and other valuable information to help you prepare financially for your “golden years”.  So, whether you are a saver, splurger or combination of both, it really doesn’t matter as long as you keep your financial eye on your retirement goals. For more financial tips and advice, make sure you check back each Monday for Martin’s new “money” features and columns. And, if you haven’t read some of our earlier articles, please visit our article archive on each channel.     

As always, thank you for visiting

Allison O’Connor