How often has this happened to you?
- You worked overtime, but the extra money you earned seemed to evaporate into your checking account.
- You saved a ton on your grocery bill, but the savings just slipped away from you.
- You paid off your credit card bills, but the money you used to spend on payments hasn't made a positive impact on your finances.
We love to save money, but too often, the money saved gets mindlessly spent elsewhere. Nothing is saved after all. The only way to preserve it is to physically set that saved money aside. It takes a conscious effort and a little discipline, but your savings will add up quickly.
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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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Often, especially around the holidays or after a disaster, our desire to help those less fortunate than ourselves seems to come into conflict with the contents of our checkbooks. However, you don't have to be wealthy to be charitable. Even a few dollars donated to your favorite cause can make a difference. However, if your heart says, "Do more!" and your wallet asks, "With what?", here are a few other ideas to consider."
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For years I was a hardcore “cheap shopper”. I would always purchase the cheapest item, no matter what type of purchase. Even if there was a particular product that I really wanted, I wouldn’t allow myself to buy it – I would go for the least expensive model. It’s as if I was hardwired to be cheap. I couldn’t allow myself to spend even a few more pennies for the item I truly wanted or needed.
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 The Age of Frugality has officially arrived. AP News Service has reported that consumer credit card debt has dropped to an eight-year low as cardholders concentrate on paying off outstanding balances. According to TransUnion Credit Bureau, the average combined credit card debt fell to $4,951, down more than 13% from a year ago. What does this mean for the Savvy Life reader?
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