302 THE PRINCIPLES OF SELF-MASTERY
$1,000 this is just $50, but repeat that 5 percent savings ten times and you will
have $500.
You will find that as you watch your savings grow, you will gain self-confidence.
You will realize that you are capable of saving. "What would happen," you'll ask, "if
I were saving 10 percent, or even 15 percent?" Soon 20 percent will seem far more
attainable.
You should strive to reach a point where you have at least three months' take-
home pay in your savings account. This will provide you with an important cushion
in the event of some unexpected difficulty. Even better, a year's worth of living
expenses set aside will bring you a great sense of freedom.
lf you have nothing more in the bank than what it will take to get you through
next week, this will seem an enormous goal. Even by setting aside 20 percent of your
income, you will still need almost five years to reach this level of savings. But if you
do nothing, in five years you will still be as strapped for cash as you are today.
Perhaps your friends will wonder why you are driving the same car, or why you
haven't made other significant purchases. The fear of criticism may concem you, but
if these people are measuring you solely by how extravagantly you spend your
money, maybe they aren't the best friends to have.
Avoid the temptation to boast about your savings. Unless you are embarking
on a business relationship, this is no one else's concern. It's too easy to find your-
self the butt of jokes about being a skinflint or the target of a so-called friend who
comes, hat in hand, for a loan that you will never see repaid.
Learn more about what you can do with your savings. There are many good
guides to money management.
Of course, accumulating savings will also be very useful to you in pursuing
your Definite Chief Aim. When the time comes for that pursuit, be sure to hold
back a part of your savings. Few people leap to success immediately. There will
be surprises and probably some setbacks along the way. Keeping a cushion ready
gives you the resiliency to bounce back from disappointment and take advantage of
the lessons it has taught you.
Your commitment to the habit of saving will prepare you to embrace and use
all the lessons of the Law of Success.