You Got Money

 

What if I told you that you have money out there just waiting on you?  What if I told you that the money waiting  is right in your budget?  It is just waiting for you to save it.

Let me share with you how to get it.  Some of you savers are probably already aware now that there are several critical components to effective saving. Let me share a couple techniques that can help you identify your money that’s waiting on YOU. They are:

1. Defining Your Saving Goals
2. Making Saving a Priority
3. Finding Money to Save
4. Paying Yourself First
5. Saving Automatically with Monthly Transfers

Defining Your Savings Goal
Now that you are making progress on your 90-day savings goal, I hope you can continue to set saving goals. The purpose of the challenge was to give you a taste of success.  It doesn’t matter if you have been able to save $100, $200, $1000, $5000, or $10,000+, the point is you set a goal and are making progress on that goal.  Continue defining goals in this area because you cannot be debt-free and live above the average person until you master saving.

Make Saving a Priority
You’ll be more likely to save money if you make it a priority. Priorities maintain their importance by setting the goal mentioned above. By sitting down and determining what you want to save for i.e. emergency fund, college, vacation, or retirement, you can determine the cost or sacrifices required to meet your goal. Use this to make your plan:

• Set a timeline for when you’d like to reach your goal.
• Set a schedule by dividing the total goal amount by the number of days, weeks, or months between now and your goal date.
• Be attentive by treating your savings contribution just like any other mandatory expense, such as rent, mortgage, or groceries.

Find Money to Save
While it may seem difficult sometimes just to make ends meet, chances are you have extra money you didn’t even know about. Here are some ways to find it:

• Keep track of everything you spend for a week. You might be surprised what you’re buying, and what you can do without.
• Make purchases with cash. This can help you stick to a budget and avoid impulse purchases. Simply decide ahead of time how much you want to spend and then set aside that amount in cash before you go shopping.
• Lower your bills. Many creditors will give borrowers a lower interest rate if they’re asked. Also, conserving electricity and gas can make a big difference.
• Rank your nonessential expenses. Keep the ones you like the best and cut the items on the bottom of the list.
• Pack a lunch. Or cook more dinners at home. Eating out at restaurants can eat up a lot of money that could be saved.

Pay Yourself First
You’re probably likely to pay everyone else first.  We have a tendency to pay our landlord, gas company, mobile provider first before paying ourselves. But it’s essential that to start paying yourself first by saving money. I highly recommend that you set up automatic withdraws Once you’ve made a contribution to your financial  well-being, then you can divide up your money to cover everything else. Don’t worry. You’ll more than likely have plenty left over to cover everything you need.

Saving Automatically with Monthly Transfers

Automatic savings will provide funds for emergencies, college tuition, or retirement. Almost all banking institutions will, on request, automatically transfer funds monthly from your checking account to a savings account. You might also check with your employer. Companies will often deduct savings from paychecks if asked. Remember, what you don’t see, you will probably not miss.

Ok, are you ready for the next challenge?  I need you to increase the amount you save this week.  Can you find at least an additional $100?  Or maybe for you it’s $1000.00?  Let me know over in our FB group!

Grow and Prosper,

Helen