The concept of saving money is not anything new. Money has been around in one form or another for thousands of years.
Instead of sharing specific tips on how to save money, I thought it would be fun to share some quotes by famous people and historical figures about saving money. Hopefully they inspire you to start working towards saving money today.
You can learn a lot from these people, so let’s get on to the saving money quotes.
“A penny saved is a penny earned.”
- Benjamin Franklin
I would venture to say Ben Franklin was on the right path with this statement in that fact that we should be saving money, but he is a bit off today for another reason. Due to the wondrous amount of taxes we must pay these days on earned income, a penny saved is actually worth more than a penny earned.
If you work as an employee, you will have to pay 6.2% for Social Security taxes, 1.45% for Medicare taxes, your federal marginal tax rate (anywhere from 10% to 39.6%) and your state tax rate before you get to touch that penny you earned. However, if you save a penny you have already earned, you do not have to pay a cent in taxes.
“If saving money is wrong, I don’t want to be right.”
- William Shatner
I totally agree. I do not think I would want to be right if saving money was wrong. Unfortunately, many people seem to think saving money is wrong as evidenced by the fact that the savings rate in the United States is abysmally low at this point in time.
Do not fall into the trap of believing what the majority of Americans think about saving money. Instead, side with Shatner and start saving some money for your future.
“It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.”
- Robert Kiyosaki
Robert Kiyosaki indirectly mentions saving in the quote above when he talks about how much money you keep. You can earn as little or as much money as you want, but unless you keep some of it, you will never have money in the bank to show for your hard work.
Robert Kiyosaki also mentions that your money needs to work hard for you. While it will not do very much working in a basic savings account, it could make more by being invested. That said, an emergency fund works very hard without earning much money because it represents a strong buffer in life’s unexpected moments.
“The way to build your savings is by spending less each month.”
Our final quote about saving money is from Suze Orman. Suze shows how there is hope for anyone to save money no matter how dire your situation is today. Even if you spend more than you earn this month, she notes that the key to saving is spending less money each month.
Over time, you will eventually start spending less than you earn. You might have to use that extra money to pay off debt initially. However, as long as you continue to spend less each month, eventually you will be able to start putting that extra money into savings.
There is hope for everyone to save money. Do not feel like it is impossible to start saving. Instead start taking action and work towards your money saving goals.