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Prepare for a “Rainy Day”

Congratulations to Michelle, tied for second-place winner in our Savings Blog Contest! Michelle, from our Kopeko Plaza, Kailua-Kona, store, continues our series of real-life advice about the importance of saving:

Growing up, we were told to “save for a rainy day,” or my personal favorite, “money doesn’t grow on trees.” Our parents were trying to get us in the habit of putting money away instead of spending it foolishly. Sure, getting a handful of loose change as a child was easy to drop into our piggy banks, but once we hit the teenage mark, that’s a whole other story. Not only did we know everything, but we wanted everything, and let’s face it, how often did it rain in (year-round beautiful tropical weather) Hawaii?

It’s not that we didn’t respect our parent’s constant nagging to save (because deep down, we knew our parents were right), we were just too busy keeping up with the cool trends and wanted to buy, buy, buy it all. Buy the newest gadgets, the nicest clothes, shoes, and jewelry–basically splurge like there was no tomorrow.

My first “big” purchase as a part-time working teenager was a new cellphone. I had an old Nokia phone that was passed down from my Mom, so I definitely needed an upgrade. At the time, I had my eye on the newest model of the Sidekick line and once I had saved enough, I headed to the store without hesitation. I made sure I had everything I needed to keep my phone protected and still look stylish. For the first couple of weeks, I couldn’t put it down and was always on it. I loved it . . . until a newer phone came out, several months later.

Now, not to sound unappreciative or bratty–because I was proud of my phone and having bought it all by myself–but a little part of me was a bit disappointed that my “new” phone was now “old.” To top it off, a few months after that, my phone was damaged beyond repair. So in the end, I switched back to the old but trusty Nokia phone and learned my lesson.

I finally understood the meaning of “money doesn’t grow on trees.” Although I did save up for the phone, I wasn’t careful on what I used it for. So, the moral of my story: put away money for a rainy day, but don’t use it for something that you won’t benefit from in the long run. Instead, save up for that car that you know you’re going to need; for college, just in case you have to pay out of pocket fees; maybe to buy a house because you’re tired of having a landlord; or even to get a head-start on your retirement fund!

Rainy days in Hawaii may not be as plentiful as other parts of the country, but it will come and sometimes in the form of an unexpected expense. All we can do is prepare ourselves for that rainy day, one dollar at a time.

Thank you Michelle!

Do you have questions about your savings plan options? Just stop by any PayDayHawaii location for more information about what’s available.

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