Do You Save Money?
My eight-year-old granddaughter earnestly said last week, “I need to save money!” When asked about the goal she was saving towards she said quite dramatically, “My CAR! I ONLY have eight years to save for my car!” Doggone if I didn’t want to laugh but holding that giggle back I congratulated her on planning ahead and starting now!
Locked “Piggy” Bank
Not everyone starts saving for their first car at 8 but it is not a bad idea. Growing up we had a locked “piggy” bank that could only be opened by a banker and had to be deposited in our savings account. Not sure if banks still do that. Whatever the big goal is: down payment for a house, a car, or a big vacation; saving can make that happen!
How to Save Money
There are lots of ways to save money even when money is tight! Saving just a few dollars per paycheck can add up over time. Here are a few ideas! Have your employer take out a little extra in taxes each paycheck to get a bigger income tax return. Pay yourself first from every paycheck, move 5-10% into savings as soon as the check hits the account. There are apps that will round up each purchase to the nearest whole dollar and put the spare change into your savings.
Start With a Budget – Ack! 
This is the best advice that I consistently don’t do well for myself! I’ll admit it! But when I do it, it works! First track what you spend (track cash as well as debit/credit purchases) for at least a month to get an idea where your money goes. A budget helps make you aware of where the money is going… It can be a shock to see how much that iced coffee habit adds up! Categorize the budget according to necessities (Iced coffee is NOT a necessity – no it isn’t) and niceties. See if gleaning out a few iced coffees or switching away from a cable provider can save you some money. Now, put that money INTO savings!
Pretty Soon It Adds Up
Once you start saving make it a regular habit! Keep up with that budget, use that app, put the money away, and pretty soon you will have enough for something big. Like buying a house! When you are ready to buy a house, contact me!
