Eight Steps to Tackle the Money-Saving Process (Part 2)
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Part 2: Declare Your Money-Saving
that you are 100% sure in your decision to effectively save more
money, the next step is to decide on a specific goal you want to
The purpose of establishing a money
saving goal is that it allows you to strive for a tangible reward
you have wanted for some time, but maybe never had the money to
A money-saving goal will keep you
focused on the task at hand and help guarantee your success. If you
find yourself wavering from your agenda, keeping your end reward in
mind will get you back on track, urging you to continue on.
Which GOAL Is Right For You?
The goal you select does not need to
be above a certain price, or take you twenty years to acquire.
However, it should be something that you REALLY want. For instance,
if you have always wanted to vacation in Hawaii, but never had the
"spare" money to accommodate this excursion, then this may
be a goal to set for yourself.
If you have your mind set on a new
entertainment center for your living room such as a 60" flat
panel, wall mountable, digitally enhanced television, complete with
a superior, top-of-the-line audio system, then this may be the money
saving goal for you.
In addition to these types of goals,
you may want to bypass the "short-term" rewards and strive
towards a long-term goal such as securing retirement, a vacation
home, or building a six-digit savings account. Again, this decision
is entirely up to you, however keep in mind that it may be a good
idea to first start off with a short-term goal in order to get
rewarded from your efforts in a relatively short amount of time.
Then afterwards, once you are more accustomed to this money-saving
process, you can move on to a long-term, more elaborate goal.
As soon as you decide on a specific
goal to strive towards, put a picture of it up on the wall in your
room or in a highly visible area so you will be constantly reminded
of your reason for saving money. The visual stimulation alone will
help keep you inspired to succeed and hopefully prevent you from
giving up on this important endeavor.
In addition to posting a picture of
your goal, get creative and make a chart or graph to track your
progress. Designing some type of tracking system will not only keep
you motivated, but provide you with the exact amount you have
already saved, and how much is still needed. You may also find that
tracking your progress will allow you to see what techniques are
paying off, and let you compare savings totals month to month which
should hopefully be increasing as you go along.
NEXT Part 3 in this 8 Part Money
Saving Series: Analyze Your Expenses