Eight Steps to Tackle the Money-Saving Process (Part 8)
|Gregory Thomas is the editor of
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Part 8: Track Your Results
throughout this money saving journey you want to keep this process
as organized and structured as possible. You'll find that a lack of
organization will not only frustrate and make things more difficult
for you, but it will be nearly impossible to track your results.
Tracking your results is one of the
MOST important steps to the money saving process. If you do not
track the results from your money saving efforts, the money you save
will never be set aside and put towards your pre-established GOAL.
Believe me, I know how difficult it
can be after researching and implementing money saving techniques to
take additional time to track your results, but this is your
"bread and butter"; the whole reason you're budgeting and
How will you ever accomplish your
goal if you aren't tracking how much money you're saving? You won't,
and more than likely you'll end up spending the money you were able
If there is one idea you take from
this last section, remember that tracking your results allows you to
get an exact dollar amount that has been physically set apart from
your regular checking and savings accounts designated solely toward
your predetermined goal.
Since it will be much easier for this
process, and your conscious, it is recommended that you open a
special savings account just for the money you save.
With this "special" savings
account, you can easily tell how much you have saved by simply
looking at your monthly statement. This account will also help
prevent you from accidentally spending the money since it is not
directly linked to your regular checking or savings accounts.
*suggestion: do not get an ATM card
linked to this account so again, you won't be able to simply
withdraw money and spend it needlessly. Be firm and only spend the
money on your GOAL.
Of course you can always keep the
money in a shoe box under the bed, but think how easy it would be
for you to simply reach in that box and spend that money. With a
special savings account, not only will you treat this money with
more respect, but you will also get a monthly bank statement you can
use to help track your results.
*Note: make sure you sign up for a
free savings or checking account devoid of monthly fees regardless
of the amount you maintain. Check with the different banks in your
area for the most accommodating
You now have in your possession eight
steps to effectively combat the money saving process. Your success
is entirely up to you and how devoted you are to this task. If you
dedicate yourself wholeheartedly and refuse to accept defeat you
will achieve your goal(s).
Finally I would like to thank all of
you who have followed this series from its conception two months
ago. Hopefully you have found this information inspirational to your
personal financial situation and have begun implementing some of the
As a courtesy to you, we here at http://www.SavingSecrets.com
would like to offer you a FREE PDF copy of this entire series that
you can download and save for future reference. Simply click on the
link below to get access to your FREE copy.
Thank you again and I hope you have
enjoyed this eight part series.
Your Frugal Friend,
to read this series from the beginning.