Plant Now, Harvest Later: What Fall Teaches Us About Saving Money

Traditionally, autumn is a time of harvest. These are the months when we reap the hard work of the summer growing season; picking and preserving the crops which will sustain us through the winter. Of course, the process of planting and harvesting doesn’t only apply to food: the traditions of fall have plenty to teach us about saving money.  

Planting the Seeds of Financial Stability  

The remarkable thing about a garden is how one small seed can grow into an enormous plant, providing months of sustenance. It’s the same with savings: no amount of money is too small to grow. Don’t be afraid to start your savings account with just a few dollars. Getting into the habit of saving rather than spending is the first step.  

Clearing the Weeds to Ensure Healthy Growth 

Every gardener knows that in order to ensure a robust autumn crop, it is critical to plant seeds at the right time and in the right environment. You have to take care of your financial “weeds” if you want your savings to grow—which usually means paying down high-interest debt before you start on a serious savings project, and developing a household budget.  

Helping Good Money Habits Take Root  

To support your savings to develop deep roots and grow as strong as possible, choose an interest-bearing account that offers security and convenience. An account with easy-to-understand terms and limited maintenance fees will further ensure that your money is stable and in the best position to keep growing until it’s time to “harvest” your funds.   

Pruning the Financial Wellness Tree  

Even when your savings are growing, it’s still important to regularly tend to your financial health. A garden needs regular pruning, along with weeding and pest control—and the same goes for your finances. Reevaluate your household budget at regular intervals to balance incoming and outgoing expenses, then adjust your savings goals as needed. There’s nothing wrong with postponing a goal if other expenses need to take priority.  

Bringing in the Harvest  

Congratulations: your savings are flourishing! As you consider how to “harvest” your hard-earned money, consider what to use immediately and what to preserve for a rainy day. Experts recommend keeping an emergency savings account with three to six months of living expenses, and of course it’s always a good idea to regularly contribute to an individual retirement account (IRA) or Roth IRA. 

Getting Ready for Next Year  

A wise gardener knows the work of growing a healthy harvest is never done—there’s always next year to think about. Once you’ve reached a savings goal, consider how to plant new seeds for the next goal; whether that’s saving up for a house, paying off debt faster, or growing a vacation fund for next year’s summer vacation.