We all know that saving money is important to our financial future. We need to save for retirement, need to save for emergencies, need to save for your child’s education, as well as for that new car or new house purchase.
However, many of us find it difficult to save. There is always something else that seems to be more important that prevents us from saving. To help you begin to save I wanted to share with you the secret formula to saving. Whatever your goal is retirement, new car, or new house. This secret formula will help you get there.
Secret #1 Budget for it – if you want to save a specific amount budget for it on a monthly basis. This way it has already been accounted and there is no need to hope you have money left at the end of the month to save.
Secret #2 Always pay your self first – by doing this there are no more excuses such as I didn’t have any money left at the end of the month to save. Do it first before all other expenses are paid.
Secret #3 Automate the saving process – have a certain amount automatically deducted from your pay check or from your bank account monthly preferably at the first of the month. This way it is done without you having to remember to do it.
Secret #4 Set a goal – by setting a goal you have a specific amount to aim for. Once your goal is set break it down into monthly or quarterly goals so you can measure your progress.
Secret #5 Stop impulse buying – in order to begin saving stop those impulse purchases. If you did not budget for it don’t buy it.
Now you have the secret formula, its now time to take some action by implementing these 5 secrets so you can reach your short-term and long-term saving goals. By implementing these saving secrets you will be on your way to creating a simplified financial lifestyle. I am sure you know someone who could benefit from these secrets so make sure you share the secret formula with them.