Pat Yourself on the Back

Let’s Reassess Your Saving Progress

So how are you doing with the Savings Challenge?  I want you to spend this week really thinking about how you are doing, what is working for you, and what is not working for you.  Are you getting close the goal you set?  Have you surpassed your goal?  Do you need to increase the goal or decrease the goal?

I encourage you to push yourself.  There are only 6 weeks remaining. Be determine to use this Savings Challenge as a catalyze to making progress in other areas of your life. Og Mandino said “failure will never overtake you if your determination to succeed is strong enough.

My goal is to keep the topic in front of you.  To make you see your financial activity, in this case saving, on a regular basis.  To remind you of your goal.  To remind you of the possibilities to make your money work for you.  So as your coach, I want to again remind you of some very good reasons to save.

1. Saving helps you become debt-free and be financially independent. Being financially independent will allow you to call the shots in your life.  When and where to retire? When to go on vacation?  Where you go on vacation? Where to send your kids to college?
2. Saving helps you break the habit of using credit cards. Most people pay almost 50% for their purchases when they use credit cards.  Why? Because of the interest they pay on those purchases.  Breaking that habit and saving to pay cash for your items will save you a bundle.
3. Savings helps you purchase a home. Banks don’t give you 100% of the purchase price of a home.  You have to have a down-payment and in many cases several thousand for closing costs.  If you are planning to buy a new home, then you definitely want to start putting some away for one of the best investment you can have.
4. Saving helps you cover unforeseen Expenses. What if your car breaks down? Or a you need to fly to assist a family member with a health issue? Or a pipe breaks in your home? Or, God forbid, you get sick and cannot work for a while? It is not just important that you save for unforeseen expenses, it is critical that you save for them!
5. Saving helps you go on that dream vacation. Where is that place for you?  Would it be nice to go there and pay for the trip in advance?  Would it be nice to go on that dream vacation with all the spending money you need to have a wonderful time?  Saving makes those dream vacations come true.

This list could go on and on.  The point is life is short.  Direct your money so you can maximize your life.  It is called disciplined savings.  Again, what works best for me and what I’d suggest for you is to automate your savings so you do not have to think about it.

Take this week to this about how you have done so far and what you plan to do for the next 37 days.

Grow and Prosper,

Helen