|Doris Dobkins is the publisher of $mart Money New$. You can subscribe by
visiting her web site at
you have debts that feel hopeless? Do you neglect having a savings
account because you don't have any money at the end of the month to
make it even worth your while?
If this is you, I want you to look at
the following quote:
"The greatest of all mistakes is to do
nothing because you can only do a little. Do what you can." - Sydney
Let's look at this quote now in the
light of our personal finances. Many people I talk too don't pay
extra on their credit card debts or don't start a savings program
because they feel they don't have enough to contribute that would
make a difference. But I want to challenge that thought process.
Doing a little has a much greater impact on your finances than just
the elimination or accumulation of some dollars and cents on an
existing bill or savings account.
For example, if you have no savings
account for a rainy day, it is important for you to start one. The
first step is to set a goal that you are going to create a savings
account. The next step is be to determine how much money you can
contribute each day, week or month. Now here is where many people
suddenly give up. If they only find $5.00 a week to spare or some
other small amount, they do nothing. This is a big mistake.
Here's the catch! The amount is NOT
the issue. The action of doing is! Have you ever thought of the
ramifications that such an action might lead to? No matter the
amount you set aside each week, the fact that you do set something
aside begins to form a habit. It is the habit of saving on a regular
basis. It is also a great starting point for bigger and better
things. If you can save $5.00 a week this month, what can you save
next month or even next year?
Also, the habit of spending money
will take on new meaning. No longer will $5.00 be a meaningless
purchase to you that previously was so quickly and frivolously spent
without thought. You will be more conscientious when you spend and
on what you spend your money.
This practice will also improve your
self-discipline. Paying yourself before you pay all your bills and
other expenses (that will always be there) will give you control
over your money that you probably have never known. It will give you
greater self-confidence that even though the amount is small, you
are taking positive action. This establishes a valuable trait, which
supports the simple money management theory of living below your
So if you find yourself with more
month than money and no savings discipline, I encourage you to start
today. Go get $5.00 from your ATM and make a deposit to your new
savings account. Mark this appointment on the calendar every week
for the rest of the year. Never miss the opportunity to develop and
support this rewarding habit, no matter the amount. Just do what you
can! But do it!