July 16, 2024


The Finance Effect

Ways to Save Money – 5 Steps to Saving NOW!

Ways to Save Money – 5 Steps to Saving NOW!

Saving money is TOUGH!

You know what I’m talking about. How can anyone save money when there’s so many bills to pay!

There are many ways to save money though. I mean, when it comes down to it, you could just stick some cash in a sock right? It can get as simple as that.

But how do you start? How do you save big?

To answer these questions, I’ve got 5 simple steps to save money that you can start implementing as soon as you’re done reading this.

— Step 1: Make up your mind to do it

Just decide that you are going to and that nothing is going to get in your way, okay? I’m serious here! Get rowdy, go crazy, you are going to start saving! Just like debt elimination, the way to save more money is to DECIDE you’re going to.

— Step 2: Set a goal and a reason

Decide how much you are going to save and WHY you are going to save and write these things down on paper.

If you want $100, make a goal for $100. Determine why you are wanting to save this amount. You need a reason. If you want to save a lot then you MUST have a goal and reason.

— Step 3: Decide on a date for completion

Do you need tires for the car in 3 months? Got a birthday or holiday coming up? Whatever the reason is for saving, when do you need it by?

Either the date when you need it is already decided or you need to decide when you want it. If you want to save big, then write that date down and aim for it.

— Step 4: What’s it going to cost?

Figure out what it’s going to cost you per paycheck. If you want that $100 in 3 months, then divide by however many paychecks are between now and then. Write that number down.

— Step 5: Execute your plan

Come your next paycheck, take the money from it that you’ve already committed to save and stash that amount in a sock, savings account, whatever and save it until the date you wrote down.

When you get half-way, celebrate with a pat on the back! Now that you know you can get half-way, you KNOW you can get the rest of the way.

The steps are the same no matter how big or small your goal.

If you’ve never done this before, start out with a small amount to see how it works. Also, keep the time to completion short.

When you’re done reading this, just decide to get started. Stop procrastinating, follow these steps and start saving NOW!

Wishing you a life of debt-freedom!