​Suze Orman Says ‘Get as Much Pleasure Out of Saving as You Do Spending’, And She’s Right 

Personal FinancePeopleImages.com – Yuri A / Shutterstock.comMaurie BackmanThis post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive
compensation for actions taken through them.Key Points from 24/7 Wall St.Saving money isn’t easy, but it’s very necessary.
Changing your savings mindset and strategy could get you to a better place financially.
Choosing the right bank account can help you earn more on your savings. (Sponsor)
The past few years have done a number on a lot of people’s savings. Between high levels of unemployment spurred by the pandemic and several years of rampant inflation, many folks have whittled down their cash reserves to practically nothing.In fact, as of late 2023, an estimated 63% of U.S. workers did not have enough savings on hand to cover a $500 emergency expense, according to Fintech company SecureSave. That’s kind of scary, though, because as a general rule, it’s important to have a large enough emergency fund to cover at least three months of expenses.But while overcoming the events of the past few years may not be an easy thing, part of building savings boils down to the right mindset. And to that end, it pays to take some key advice from financial guru Suze Orman.Why saving money needs to be a priorityNobody is immune to unexpected bills or a period of unemployment. Without savings, you risk racking up scores of debt and other potentially damaging consequences.For example, if your financial situation worsens and you’re unable to pay your mortgage for a period of time, you could risk losing your home. If you fall behind on your bills and your credit score tanks, you might struggle to buy a home when you want to.These are major things that could negatively impact not only your finances, but your entire life. So it’s important to set yourself up with some protection in the form of savings.To that end, Orman says to “get as much pleasure out of saving as you do spending.” And it’s great advice.Spending money can be fun when it results in instant gratification. But if you’re able to train your brain to get excited when you see your bank account balance grow, you’ll be more likely to meet your savings goals and accumulate enough cash reserves to secure the protection you need.Orman, who co-founded SecureSave, encourages people to think of the big picture rewards associated with saving money. You may have to give up near-term luxuries to add money to your savings. But in return, you can set yourself up to meet more of your long-term goals. So it’s worth it.How to meet your savings goalsThe simple act of getting into the habit of saving money could work wonders for your financial picture. To that end, one thing it pays to do is put the process on autopilot.First, shop around for a great high-yield savings account. Many banks are still paying around 4%, which means that in addition to finding a safe place for your cash, you can also earn a nice return o