She Strengthens

Taking Control of My Financial Future

The Power of Compound Interest

I still remember my high school stats teacher’s blunt lesson on personal finance. He emphasized the importance of starting to save for retirement as early as possible, highlighting the incredible power of compound interest. The numbers spoke for themselves – starting to save at 20 versus 40 made a staggering difference. He also stressed the importance of maxing out 401(k) contributions, especially when employers offered matching funds. Those lessons have stuck with me, and I’m grateful for the impact he had on my financial awareness.

The Reality of Freelance Life

Fast forward to my current life as a freelance writer, and I’ve yet to prioritize retirement savings. Without a company-contributed 401(k), it’s up to me to take charge of my future. It’s easy to get caught up in self-doubt, wondering why I didn’t start sooner or build a healthier emergency fund. But I’ve learned to silence my inner critic and focus on making progress.

Starting Small

My approach to retirement savings is simple: slow and steady. As a freelancer, my income can be unpredictable, and some months are tougher than others. I prioritize consistency over quantity, putting aside whatever I can each month – whether it’s $25 or $200. This piggy bank approach may not be systematic, but it’s a start.

Keeping My Priorities in Check

To avoid dipping into my retirement savings, I keep them in a separate, hard-to-access account. This “high-security” account is protected from myself, not just hackers! When I have extra cash, I tuck it away, knowing that my emergency fund is for, well, emergencies. I use a credit union not connected to my primary bank, making deposits via mobile checking. And, um, I’m not quite sure what the PIN for that debit card is…

The Bigger Picture

My retirement savings balance is still small, but it’s growing. When I hit $1,000, I’ll explore options like a Roth or Traditional IRA. It may seem ridiculous to think about retirement when I’m still figuring out how to make rent, but I remind myself that the key is to start now. The goal isn’t to have millions saved; it’s to take that first step.

Proud of Progress

For now, I’m proud of myself for finally making a start. It’s not about being perfect; it’s about taking control of my financial future. And who knows? Maybe one day I’ll be sipping coffee on a warm beach, thanks to my slow but steady progress.