If you're like most people, you probably
have often thought about the importance of saving some
money. And you likely know that setting aside money for
many reasons (like your children's education, the down
payment on a new car or home, or even for a comfortable
retirement) is a good idea. But, what you may not know is
how to move off square one. Here are a few tips to help
you get started.
Start Small.
Building good savings habits is really only a matter of
doing something as opposed to doing nothing. So, start
small. For example, at the end of each day, set aside
your pocket change and deposit it monthly in a savings account. Or try setting aside one dollar each day, or $30
a month. Multiply $30 times 12 months in a year and you
just saved $360!
Examine Your Habits.
If you typically spend $5 eating out several times a
week, reduce that to one or two times a week. Then take
the five dollars you normally would have spent, and stash
it away. Or if you currently make payments on an
automobile, once your loan is paid off, continue making
payments in the same amount - only now pay yourself by
placing that money directly into your savings account.
Set Goals For Success.
To develop the discipline of saving, most professional
savers need to first experience a number of successes
early on so that one positive experience reinforces the
other. Pick short-term, easily achievable goals, ones
that will give you a sense of personal satisfaction.
For example, your goal might be a new CD player, a new
set of golf clubs or to pay off a credit card balance.
Then, determine what those goals will cost and give
yourself a deadline for achieving them. Then just do it -
begin setting aside the right amount of money (and stick
with your plan). The next thing you know, you will have
reached your goal.
Examine Your Needs vs.
Wants.
All of us at some time or another have the urge to
splurge. And there's no doubt that now and then it's nice
to treat ourselves to something new. To help resist the
urge to spend money for things that may not be on your
list of goals (or within your budget) consider asking
yourself these two questions: "Do I need it or do I
want it? Does this purchase help me achieve my savings
goals?" Generally, this will help you stay focused
and move you one step closer to your savings goals.
Monitor Your Cash Flow.
One reason professional savers are able to achieve their
financial goals is because they continually monitor their
income and expenses, in addition to managing their
habits. A suggestion might be to sit down at the end of
each month and review your expenses. Quite often, being
aware of how you spent your money is the first step
toward changing spending habits for the next month.
Stay On Course.
The key to any savings plan is to stick with it. If it
helps, commit your goals in writing, stating the amount
needed and the date you expect to achieve your objective.
If you have a long term goal, like saving for retirement,
it may help to establish mileposts along the way when you
can celebrate progress.
Think Like A Pro.
Professional savers have an "I can" attitude
and they think long term. A little discipline now can
have a tremendous and rewarding payback later in life.
Saving can mean the difference between having no vacation
or a 2 week vacation each year, whether your child goes
to college or not, or whether you'll retire at age 55 or
65. Whatever your goals - start today!
Start Your Savings Plan
With A Call Or Visit
To Your Credit Union
Your Credit Union has many savings
products and services to help you with both your short
& long term goals. Ask about:
For more information about these and other ways to
save for your future, call FAIRWINDS Financial Services at (407) 282-6039
today or click here to have a representative contact you.
