Monday, January 30, 2017
Money Monday: Why You're not Saving Money
If you don't make saving money a priority, it won't get done. If you put money into a saving account, and take it right back out to buy something...you're fooling yourself. You're pretending and not actually saving money.
You need to set up goals for your money. If you're scared to set a goal, start small. Decide to set aside 500 dollars, once you've made it, make another goal or boost your current goal. So many people don't have an emergency fund, because the thought of it scares them. They can't possible get 3 to 6 months of expenses set aside in an account, it's too much. Well...you have to start somewhere. Challenge yourself, you can do it!
Pay Yourself First
Don't make a budget, and at the end of the month see what you have left over. It will be gone. You need to add a "Saving" category into your budget. Figure out an amount, and look at it like it's a bill and needs to be paid. Place it into a separate account, and LEAVE IT THERE!
Stop Making Excuses
If you think you can't start a savings account, stop making excuses. Excuses are not acceptable. Things happen, appliances break, kids need things- if something turns up you can cover it with your savings.
If you're motivated and encouraged you can do anything. The same needs to happen with your money, get motivated. When you reach your first goal, you'll be so motivated to reach the next goal. Baby steps. You can do it.
A written budget is key to controlling your money. So many people have no idea where they're money is going and that's because they have no budget, and they are not tracking their spending.