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Saving For Goals


START SAVING STRATEGY

IMAGE CREDIT: Jean Gerbervia Unsplash

by Sunny Shakula, Contributor


Last Updated: Sep 09, 2020


Wouldn’t it be wonderful if money really did grow on trees?  Unfortunately the
money trees you buy at the garden center don’t actually produce cash; in fact,
it costs you to purchase them!  

The excitement of receiving a salaried wage often prompts new professionals to
spend like a crazed teenager with an unlimited credit card in the mall. Too many
new professionals find themselves with sparkling new big-ticket items, but no
money for groceries, and worse yet no “cushion” in case they become the latest
victim of the revolving recession door. 

These days, it’s imperative to save for a rainy day, because you never know when
that day will come. Live according to your income by working with what you have,
and not accumulating debt, and listen to your accountant—always put aside 10
percent of every paycheck, if you can!


SET GOALS, MAKE A BUDGETARY PLAN, AND STICK TO IT

Look at your living expenses and decide what the bare minimum is that you can
live on contently. For example, if you are single and living by yourself, you
are probably paying for “extras” such as cable connection, and a gym membership,
on top of your rent and utilities. Even though watching your favorite cooking
show before dinner every night is nice, it’s not necessary, especially if your
monthly utility bill is running high. 

While having internet might be necessary, the cable is not, and that may be
money better spent in your savings account collecting monthly interest. If you
have an internet connection and you’re paying monthly for a gym membership, cut
your financial losses by working out in the comfort of your home with free
sources online.

Planning is key to reaching your financial goal. There is more mental comfort to
living off of your savings, versus credit cards, during unfortunate transitional
periods. Years of savings will also pay off when you do want to make large
future purchases such as a house, or even starting a family of your own.


THINK “ECO” WITH YOUR PLANNING

There is both an economical and ecological benefit to this strategy. For
example, limiting the use of utilities is not only great for the environment but
also increases significant savings on your utility bill. You can finally listen
to your mother and start turning off lights, appliances, and electronics when
not in use. Save time and money by limiting your travel and correspond your
errands with your daily work commute. Don’t be afraid to explore new travel
arrangements including carpooling and public transportation to cut down on
travel costs. When someone else is doing the driving, you save money and have
time to read a book, relax, or catch up on work.


LIMIT YOUR FOOD EXPENSES

It is so easy to grab fast food during the course of a busy week, but do your
budget and belly a favor by planning ahead with a weekly menu plan. Set a
reasonable average weekly budget, and include snacks, healthy options (whole
grains, legumes, and vegetables), and indulgences such as dessert to avoid
tempting weeknights out. Searching online for tasty recipes will help with
planning.

You will be able to divide recipe items (such as chicken, fresh herbs,
vegetables) up between meals. Preparing the meals ahead of time will also reduce
the temptation of “grab and go,” especially for late nights at the office.

Once you are at the grocery store, you can also save money by using grocery
coupons, buying the generic store brands, and signing up for a customer reward
card for discounts. When eating out, be sure to look online for restaurant
promotions such as “buy one entrée, get one free,” to help keep food costs down.


LIMIT THE EXPENSE OF POSSESSIONS BY LIVING WITH LESS AND BUYING ONLY WHAT YOU
ABSOLUTELY NEED

The simplistic rule of thumb is quality over quantity. Let’s face it, we are
living in a very disposable culture nowadays, and with trends coming and going
quickly your money almost lasts longer than the latest fashion craze. Start by
having a basic wardrobe of well-fitting, quality constructed clothing. 

Trendy items are always a fun splurge, but make your wardrobe expenses part of
your overall budget to keep clothing costs down. It is also a good idea to think
of clothing as an investment rather than a necessity. And don’t be afraid to
check out resale and consignment stores where you can also sell and trade your
own used clothes. There are many upscale consignment stores where well-crafted
designer clothing and accessories can be purchased for a fraction of the
original retail price. 

After all, it’s more about how you wear, than what you wear. If you absolutely
need to purchase this season’s new trend, first search online for low pricing,
and then check out inexpensive stores for such items that might not see another
season.


TREAT YOURSELF NOW AND THEN

The worst thing you can do to your morale is deny yourself an occasional
reward. You worked hard all week, stayed with the budgetary game plan—you
deserve something! Consider this a “mini” goal, and add it to your overall
budget plan by keeping your rewards specific. 

For example, it is easy to go down the slippery slope of rewards by treating
yourself to dinner out with friends or buying a new pair of jeans. These rewards
can easily add up overtime, and if this happens a few weekends in a row your
savings suddenly takes a hit. 

Use cautionary discipline and limit your “rewards,” or incorporate “fun money”
into your budget and stick to it! This is a habit that will not only pay off
down the road with savings and investments but will also be a great lesson of
discipline to teach future generations. 




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