Week 1 – Your GPS

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Welcome!  Glad you joined me on this 90 Savings Journey!

I read a short devotion that contains an analogy about a GPS device.  It read, “I have a GPS in my car and on my phone, but if you are like me use rarely use it. I usually tend to think I know where I’m going, even when I don’t. For the most part, every time I do use the GPS, it’s because I’ve already tried finding something myself but have managed to get lost. When I finally type the destination into my phone, the first question that comes on the screen is this: “Directions from current location?” In other words, “Do you want to start where you are?”
The answer to that question seems obvious enough, right? Of course, I want to start from here. I’m not even sure where “here” is, but I’m confident that I want to start from here. And as soon as I answer that question affirmatively, the GPS begins calculating my route—not from where I started before I lost my way, not from the direction I should be headed or from a point farther along my journey, but from right where I’m currently located.”

What a great analogy for where we are starting with our Savings Challenge!  In our case, GPS stands for Goal Preference Step. In this step, we calculate our goal and the cost of reaching it. Let’s use the next 90 months as a catalyze to financial change.  This is not only about saving, at least, $500 but about changing your appetite for saving. So, are you ready?  It’s time to take the first step.

STEP 1 :  Set Your Goal & Determine How Much You Want to Save.

For some of you, your goal will be $500.  For others, $500 is not enough, you may decide to save $1,000, $2,000, or more.  The point is you are the only one who can determine how much you want and can save.

Here are a couple of questions to ask yourself.

•  How much do you currently have saved?
• Where do your dollars go every month?
• Can you cut down eating out?
• Can you reduce shopping for a couple of months?
• Do you spend too much on your children?
• Or do you need to bring in more income?

I am not asking you to do your budget right now.  I just want you to consider intuitively where your dollars are going? Are you willing to make some sacrifices over the next 90 days?

 

Next, decide what you are saving for.  Making a decision is a critical first step in moving forward in any aspect of your life. Saving requires disciple so understanding the destination or purpose for saving is critical. Choose which of the following questions apply to you?

• Are you trying to increase your emergency fund?
• Are you saving for an upcoming vacation?
• Are you saving a new car?
• Are you saving for a downpayment on a house?
• Are you saving to give to a specific cause?
• If it is not any of the above, write in your own reason.

Now you need to answer the question, WHY?  Why do you want or need to save? In order to make a change in your spending, you have a have a STRONG why.  A why that almost brings tears to your eyes.  Write down your WHY and share it with your family or an accountability partner.

You should now have some sense of where you are, I want you to absorb the goal of SAVING the amount you have determined then make a commitment to get it done by June 30. Take the next couple of days to write down what sacrifices you are willing to make to reach your goal.

Don’t forget to go to the Facebook Group and share your thoughts and progress with us! We’d love to cheer you on 🙂

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Grow and Prosper