BILL of Good: Who knew you could stretch your dollar this far·
Posted By: Matt in Budget on 02/06/2014 at 11:10:35
If saving money is something you're strongly considering for the new year, perhaps you should make the process a little simpler and embrace a mantra that makes it easy to put aside a little extra cash.
Where there's a bill, there's a way.
This message isn't meant to confuse but rather create a game plan that is applicable even to those who hardly would deem themselves a financial wizard or money saving superstar. This is the practice of taking a look at the 52 weeks in one calendar year, and setting aside a the dollar amount that corresponds to the week number.
For example, the first week in January, you'd set aside a mere $1 in a savings account; by week 13, you'd put $13 in that same account.
Seems easy enough, right·
Absolutely, and a lot of the time it is the simple that you struggle with, especially when it comes to money. This idea isn't predicated on anything more than common sense, practicality and poise. A lot of times, saving money is looked upon with a sense of urgency, and if you're not putting away hundreds of dollars each week, then it's considered a failure.
That mentality often melds together with a sense of frustration for the person attempting to right their financial ship, and the result is forgoing even saving a few dollars. Often, that same struggling person will tell themselves over and over again that once they get a better job or have the opportunity to save "a lot" of money, then they'll take a closer look at socking money away.
How does an extra $1,300 sound as far as a prudent, positive start to setting up a first year savings account· That dollar figure is what you'll get if you implement the aforementioned dollar for dollar, week for week plan.
Even if you're on solid financial ground, you'd still be wise to take a longer, closer look at something like this or even suggest it to adolescent kids or teenagers as a means to teach money saving techniques. You could outline this to your 15 year old son or daughter if they're thinking of driving in the next year, but they aren't exactly in a position to buy a used vehicle.
For adults, this practice could breed better money practices or simply allow families extra money for the essentials: food, groceries, gas, utility bills, etc. There's nothing that says, too, that the money can't be used for birthday gifts, the holidays or remodeling a bathroom in your home.
You'd be amazed what a little extra money socked away will do for your stress level, when it comes to consistently worrying about money.
The new year just started, so why not make it the one when you finally start saving money with a plan that makes keeping your resolution rather elementary.
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