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January 2011

Be an Underachiever in 2011

By Melissa Tosetti & Kevin Gibbons

The first week of January is full of hope for our New Year’s Resolutions. We set up grand goals with excitement and anticipation. As the days turn into weeks, the excitement is no longer as palpable and we find ourselves struggling.

This often happens when we set the goal to save money. We decide to start saving 15% of our income right away. We are usually good for a week, maybe a month, but then find ourselves having to dip into that 15% that was put away. A savings account that you tap into on a regular basis is not a savings account. It’s a holding account!

Instead of striving to be an overachiever, we suggest that you make small goals. As suggested by Robert Kiyosaki, the author of Rich Dad Poor Dad, start by being an underachiever. Begin with a small goal that you know you will be able to attain. For example, if you really want to start saving an extra $50 per paycheck:

Start by saving $25 for a few paychecks.
Next, try saving $35 for a few more paychecks.
Once you achieve those first two goals, saving $50 a month will be easy.

Remember, only save what you know you can save. If you are pulling money from your savings account on a regular basis, you're not saving. If you find that you are dipping into your account, cut back the amount you are saving by a few dollars and when you are ready, you can increase the amount again.

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