Make Saving Money a Priority
This lens was created to show people that money in the bank changes everything. Many people simply do not understand the importance of saving for the future, and they end up paying a sad price for their ignorance. It doesn't matter how much you start saving, it only matters that you start TODAY.
Money in the bank changes everything. You will see this statement running throughout this lens so that you will comprehend its importance.
Saving money is essential to your financial health and you must make it a priority. Do not develop the mindset that you will save what is left over after you pay your bills; or worse, tell yourself there is nothing left to save.
Money in the bank changes everything. You will see this statement running throughout this lens so that you will comprehend its importance.
Saving money is essential to your financial health and you must make it a priority. Do not develop the mindset that you will save what is left over after you pay your bills; or worse, tell yourself there is nothing left to save.
Pay Yourself First
YOU MUST PAY YOURSELF FIRST. What this means is that the instant you receive that paycheck, at least ten percent goes into savings. Don't give up if you feel there is no way you can save ten percent. Start wherever you can. Saving even $10 a month is better than nothing.If you are able to save only $10 a month, and you leave it alone and don't touch it, you will have $120 sitting there at the end of one year. This small amount can be enough to cover any small emergency that you may face. Isn't that better than having absolutely NOTHING in savings? Of course it is!
Savings Should Be Automatic
SAVINGS SHOULD BE AUTOMATIC. This way you will never forget to set the money aside. You can set this up with your bank. I simply go online and set up an automatic transfer from checking to savings twice a month. This is an ongoing transfer unless I decide to make a change or stop it altogether. I set the transfers to correspond with my paycheck on the 15th and last day of each month.Determine a pre-set amount which is automatically transferred directly from your checking to savings on payday. You will never see the money, so you will never miss it. Post the transfer in your checkbook so that you can keep track of exactly what is in your account.
Balance Your Checkbook
Be sure to balance your checkbook regularly. I go online at least every other day to check my transactions against what I have posted in my check register, and then make sure that it balances to the penny.This may seem like overkill, but trust me, it can save you from some headaches down the road.
Do It Now
Saving money is not something to do if and when you "get around to it". It is absolutely necessary to start "right now" if you haven't already. Money in the bank changes everything. It helps you sleep at night; it provides a cushion when your checking account is empty; it pays for that trip you have been planning; it buys new tires for your vehicle; it replaces that old water heater that just went out. Peace of Mind
Trust me, even a small amount in savings provides a certain peace of mind. But, you must continue to save and not withdraw your savings if you want it to grow. The ideal plan is to have a savings account for dipping into when necessary, and another account that is untouchable. The "untouchable" account will continue to grow each month as funds from your checking account are automatically deposited.Before you know it, you will have a substantial amount of money set aside. There is nothing like the peace of mind it provides.
Steps to Automatic Savings
1. Determine monthly amount to save.
2. Set up automatic transfer from checking to savings with your bank.
3. Post the amount in your check register each month.
4. You may need to adjust the amount from time to time. That is ok.
2. Set up automatic transfer from checking to savings with your bank.
3. Post the amount in your check register each month.
4. You may need to adjust the amount from time to time. That is ok.
Get Out Of Debt
Get out of debt! Pay off one bill, and apply that monthly payment to another until it is paid off. Repeat this method until you are debt-free! Save That Windfall
Did you receive an unexpected windfall or tax refund? Stash it in your savings account. DO NOT SPEND IT!Make this your new mantra: "I love to SAVE money; I hate to SPEND."
Become A Penny Pincher
It has taken me a few years to accomplish it, but I truly love to save money. I derive no pleasure out of shopping or spending money. I really don't.Become a penny-pincher. Change your whole attitude about "spending and saving". Once you see your savings begin to grow, you will want it to grow more and more. You will look for ways to save more money.
Money Saving Advice
Proud To Be A Tightwad
100 Percent Debt Free Women's Long Sleeve Dark T-S
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Shameless Coupon Cutter Baseball Jersey
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Tightwad, MO (USA) Wall Clock
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Tote Bag
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Husband - Money Grows Women's Long Sleeve Dark T-S
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Saving Money Can Change Your Life
The Millionaire Next Door
Amazon Price: $10.20 (as of 12/27/2009)
The Complete Tightwad Gazette
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The Complete Cheapskate: How to Get Out of Debt, Stay Out, and Break Free from Money Worries Forever
Amazon Price: $10.17 (as of 12/27/2009)
Where Are You In Your Money-Saving Efforts?
How is your financial health? Tell us here.
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- shanmw2007 shanmw2007 Jan 12, 2009 @ 2:19 am
- Thanks for you great lens! I really need to get into the habit of saving money
by Ronda1
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