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Can I Save?





If you have seriously asked yourself the question "Can I Save?" ...the answer is "yes, you can." The key word is "seriously." If you are not committed to saving money, you will not! What does such a commitment mean? It means having a strong desire to save...not paying lip service to saving but actually following each step and "sticking to" the plan.


It's Not the Amount


The key to "saving' is not the amount, it's the consistency! Successful "savers" are people who start small but continue "hell or high water." Quitters fail...don't be a quitter!




Disclaimer: If your monthly income is less than monthly expenses, this plan is not for you. Your first step is pay off some of your expenses.



STEP ONE:


Total your monthly income from all avenues. This is income you will receive from a job, investment or inheritance. It is assured every month. Secondly, total all monthly expenses, including "love to do things" like eating out, fast food stops, movies, "boys' night out" and "girls' night out." Any expense you regularly do on a monthly basis must be included. Determine what amount is leftover after expenses.





STEP TWO:


Allocate 10% of the total amount for saving. For example, if you have $100 left over after expenses, assign $10 for saving. Remember it is not the amount allocated for saving, it's the amount you will continue to save. Set-up a savings account with a bank or credit union of your choice. Have the saving amount automatically (electronically) deducted from your checking account each month. You should not trust yourself to put it in! Ask a bank manager to assist you in setting up the automatic deduction.






STEP THREE:


NEVER remove any money from the savings account. The $90 remaining from the "expense over income" is money for unexpected occurrences. Leave the 10% savings account untouched! FORGET YOU HAVE IT! Every time you think about withdrawing money from the savings account...just say No!



STEP FOUR:


Just say "NO!"















STEP FIVE:


At the end of one year, take a look at your savings. If you stuck to the plan, pat yourself on the back! But . . . leave every penny in the account!


As you progress from year to year, there may be times you have to withdraw funds from the savings account, but the times should be in "extreme emergencies." Make sure you have exhausted all other means to "fix the problem."





STEP SEVEN:


Let this experience become "the norm" in your life. Good Luck!

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