Trying to save a large amount of money can be very difficult; however, if you have the right tools, it is accomplishable. Not only do we have to understand the meaning of goals, but we also have to work towards them swiftly, but reasonably.
The first step is to set a reasonable goal. Remember that Rome was not built in a day, and a large amount of money cannot be saved overnight. Out of all the financial classes the one primary slogan is to “pay yourself first.” That means that if there is $1,300.00 every month coming in; make sure to take $100 at least for you. If you don’t pay yourself first then you will feel that you are working for nothing, and financial security will be a long way off. Sometimes it is hard to pay yourself first; however, this is something that has to be done so that you feel that you are not working for nothing and you will also be able to reap the benefits of a long work week. The short term goals lead to a longer goal in this aspect. Mind you, there is no set amount and if you are happy doing something for $20 then by all means do so, just make sure that you have a little bit of money to do something with. Monitor everything you spend. You can’t save if all you do is spend, so keep track, this will help take the impulse out of buying.
The second step is to figure out each bill that you could have, including, but not limited to, car repairs, emergency cash, etc. You want to make sure to have a balanced plan so that if a bill comes and is a little higher you have a slight reserve to lean on. This money needs to be sitting in a separate account for emergencies only. That is the first goal to attain, and when you reach it make sure to do something. Go out and have dinner or have a little bit of fun, of course watching the costs.
The third step is to get another account for savings. Take whatever you have left minus a small amount for doing well, and set it in the account. Do not get a debit card for this account, or checks. This account needs to be on lock-down. Sometimes if the money is too available to us we will spend on impulse. The goal is to set back the money and plan instead of impulse. Try to set a goal of $20 or $40 a month, make sure to amend this for your budget. Once you have reached a thousand dollar mark, make a little party for yourself, or go to a cookout or something with friends for a job well done. Saving can be hard; however, if you set goals for yourself and monitor your spending you will save money.
