Baby Steps Towards Saving

 

Do you have difficulty saving money? Saving is not easy for everyone.  Some people are savers while others are spenders.  Understanding which one you are is important. Not being in the habit of saving may be an obstacle standing in the way of having what you want. If saving is the last thing you do, or try to do after your money is spent, then something is not working.  That something has to change.

The "One Less" Rule

I now realize setting up regular savings on a weekly basis works the best.  It is easier to see where expenses can be reduced in order to increase savings.

One less “something” can make a difference. One less . . .  

• Coffee and muffin

• Meal in a restaurant

• ­­­­­­­­__________________ (you fill in the blank)

You can quickly visualize the extra $5, $10, or $25 deposited to your savings. Refraining from buying the container of ice cream or opting to take lunch to work rather than going out, will ensure the money finds its way into your savings account.  Avoiding the usual purchases, the cup of coffee on the way to the office or the magazine in the check-out aisle, will help in your attempt to save. Even cancelling a shopping trip to your favorite store will avoid the possibility of you spending more than you want. In the end, it’s the day-to-day little things you do (or rather not do) that can save you.

To get into the rhythm of saving, you can devise an exercise of “multiplying” your progress.  You can simply start small and work your way up to your saving target. Starting small is the best approach. The exercise will get more difficult as the amount increases.

The chart below shows beginning with $1 a day for the first week, increasing this to $2 per day for the second week and $3 for third week. See the trend. Finally at Week 7, you will be saving $49/week.  Keep these strategies going until you reach your target.  If your ultimate plan is to save $100 per week, you need to discover ways to spend $15 less per day.   The amazing part is not spending money on any given day is a way of saving.    In reality it’s this momentum which helps overcome the barrier to saving that you encountered in the first place.

My Personal Savings Plan
Week	Days of the Week							Total
	S	M	T	W	T	F	S
#1	$1	$1	$1	$1	$1	$1	$1	$ 7
#2	$2	$2	$2	$2	$2	$2	$2	$14
#3	$3	$3	$3	$3	$3	$3	$3	$21
#4	$4	$4	$4	$4	$4	$4	$4	$28
#5	$5	$5	$5	$5	$5	$5	$5	$35
#6	$6	$6	$6	$6	$6	$6	$6	$42
#7	$7	$7	$7	$7	$7	$7	$7	$49

 

Letters of Encouragement

Good things start with something small. A tiny sunflower seed grows into an enormous plant. Small snowballs roll into gigantic snowmen. Your savings will build to a hefty amount.  You need to incorporate patience into the savings plan.

P – Positive attitude propels you; you can do this!

A – Anticipate the end result to show where you are going.

T - Tolerance towards mistakes tests your commitment.

I – Intent drives your actions.

E - Effort pays off.

N – Need to stay focused keeps you on track.

C – Commitment sustains you.

E – Excitement motivates you to keep on “keeping on.”

Please share ways you discovered savings to be easy for you.  Other people certainly may benefit from your strategies.