Save Money Without Really Trying Hard
Saving money does not have to be complicated as some think it would be. Financial success begins with having the habit of having some money to save and not having more money to spend.
Purposeful saving makes it easier to save without even trying hard. This comes with four (4) components which I call P.A.W.S. These are knowing the purpose you want to save , deciding on the amount you want to save , determining when you need the money and implementing a steps to save money.
- Purpose What do you want to achieve with the money you intend to save? Behind these goals are the REASONs why you need to save that drive you towards the other components of successful saving. When we know the reasons why we save, our hearts are attached to making these goals into reality. Saving with a heart makes it easier to start taking action . The reason for example why you want to save some money to buy that special gift for Christmas is because you love that person so much that you know that gift will mean a lot to him. Saving for your emergency fund means being worry free when an unexpected expense come along. Building your savings for the downpayment of a house means giving your family a better place and environment to enjoy. Whatever your goals may be, the reasons behind these are the drivers to motivate you to start saving and to stick to your goal. Prioritize these goals according to its importance and impact to you personally.
- Amount How much do you need to fulfill the purposes or the goals. Examine your cash flow and determine how much you can provide monthly for these goals.
- When Give a timeline or specific date you want to complete saving for that goal.
- Steps Finally, draw up steps or your desired ways to achieve saving for the different goals why you need to save up for. A system gives you the action plan you need to successfully save that amount of money. It can be saving up your lunch expense by bringing food from home instead of going to your favorite fast food. If you have an on-line bank account, you can save money automatically by scheduling the amount you need to save. Some innovative means to save also is deciding a specific bill to set aside everyday , e.g. all of your P50 or P20 bills. This system, however, will tend to be erratic as there will be days that you get extreme savings or no savings at all. I suggest that this system should be used to boost your savings or only on top of your automatic savings.
Lastly, to save money successfully, we need to be intentional in our ATTITUDE towards savings. To save intentionally means that we cannot leave saving as an option only after spending our paycheck. Our purposes , reasons and dreams why we save, come first. Start making your goals into reality as you implement the action plans you have designed.
Saving makes your dreams come true! Save money without really trying hard by following the P.A.W.S. way:
To your success, wealth and happiness!
Your Personal Money Mentor
“Go to the ant, you sluggard; consider its ways and be wise! It has no commander, no overseer or ruler, yet it stores its provisions in summer and gathers its food at harvest.” Proverbs 6:6-8 NIV