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Save your first $1,000

Save your first $1,000

Saving is one of the biggest hurdles anyone can face in their personal finance journey. Often times, it seems like you need every last cent in order to just scrape by. After all, 78% of Americans live paycheck to paycheck at certain points just to make ends meet. So how can you break this vicious cycle, and save your first $1,000? The answer is simpler than you might think.

 

My philosophy on saving is simple, but I’m not going to promise you it will be easy. In life, there are things you want, and then there are things you need. Food, fuel, and a roof over your head. These are things that we need. That 65” 4K television you saw at Best Buy last week? That is a want.

 

Track what you purchase for a month. Take a note of all the things that you could’ve lived without. For instance, that morning coffee stop. This is the key to getting the savings ball rolling. Instead of making those same “want” purchases next month, put that money away. Think of it as an investment in yourself.

 

As the saying goes, you eat an elephant one bite at a time. The same principle works for saving. Put away a little bit every month, and see how fast it starts to add up. Before you know it, you’ll look in your bank account and see $1,000 looking back at you!

 

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Improve your Financial Future Today… For Free!

Improve your Financial Future Today… For Free!

Just about all of us have one thing or another we would love to change or improve upon in our lives. After all, there is always something we can get better at regardless of our current circumstances. I’m assuming, given the fact that you found your way to this post, that you are looking to make some financial strides in the near future. Well, you’re in luck! There is something that every single person reading this post can do TODAY that will improve their current financial outlook. Now, there are as many different facets of personal finance as their are choices at Subway… but we’re not going to dwell on specifics (Always go with the Italian Herbs and Cheese… who am I kidding). So, right now, I’m going to ask you to imagine what part of your current financial situation you would like to change…

Once you have answered that question, give yourself a pat on the back, because you’ve just completed the most important step of this entire process: identifying your very own financial goal. Goal-setting is a fantastic financial tool for many reasons, but allow me to state the most obvious (as well as my personal favorite). IT’S FREE! It doesn’t cost us anything to identify a current weakness that we would like to improve upon. I don’t know about you, but that’s the kind of bang I like to get for my buck. That’s not all, here are a few tips you can use to further optimize the goal-setting process:

  • Write it down– Setting the goal itself is important, but studies show that you can really unleash the power of goal-setting by putting pen to paper and writing it down. Just the simple task of writing down your goals can make them up to 42% more attainable.
  • Make it mobile– Carry your goals around with you in your wallet. Maybe save them as the background on your phone. At the very least post them somewhere that you will see them several times a day.
  • Tell a friend– Don’t keep your goals a secret. Having a confidante will bring some much needed accountability into the situation. Think of them like a workout partner… but for your wallet.
  • Be real- Set a realistically attainable goal. When you start off in the goal-setting process, start small, and work your way up. A little bit of momentum will go a long way.
  • Set the time- Accompany your realistic goals with a realistic time frame. It’s fine to be ambitious, but make sure you’re not setting yourself up for failure before you even begin.

  • Break it down- Divide your big goal into smaller ones. These mini goals will not only serve as stepping stones on the path to the ultimate prize, but they will also allow you to win some small victories along the way to help bolster your confidence. Attaching dates to these smaller goals can also be very helpful.

We all have financial goals we can start working towards. Sometimes you just need a little kick in the pants… well lucky for you…. You entered the right dojo. Follow these simple steps, and make your financial goals your financial reality. Take control of your future, today!

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