Is there something you\u2019d like to buy but can\u2019t afford right now? Maybe you want to take a trip, do some home renovations or are anticipating a large expense. If thinking about how much it will cost (and how you\u2019ll pay your credit cards off afterwards) sends shivers up your spine, keep reading. There are ways to save money successfully<\/a><\/strong>, and it all starts with a plan.<\/p>\n Before you start, decide what your goal is<\/strong>; how much do you need to save? Maybe you want to have $3500 available 12 months from now. Be realistic and specific. Your goal must also fit your budget<\/a>. We all know that spending is much more fun than saving, so one of the best ways to make saving easy, is to make it fun and as painless as possible.<\/p>\n With that in mind, here are 5 steps that will get you started saving for your goal:<\/em><\/p>\n The bigger the goal, the more psychologically painful it will seem to achieve. Break it down<\/strong> into monthly or weekly amounts that are easy to picture. For example, to save $3500 in 12 months, that means saving $292 a month or about $70 a week.<\/p>\n If you have kids or teens, involve them in the discussions about how you can achieve this goal. So many families don\u2019t talk about money, and certainly don\u2019t involve their kids in financial discussions and goal setting. By involving your children in a meaningful way you\u2019re teaching them how to save for what they want and need. One of the biggest reasons people end up in trouble with debt<\/a> is that they never learned how to budget and save for what they want.<\/p>\n Once your goal is broken down, decide specifically what you can do to achieve it<\/strong>. If it\u2019s a family goal, each family member should choose their task, how they will save a part of the weekly or monthly goal.<\/p>\n Some ideas for how to save $70 each week include:<\/em><\/p>\n If you\u2019ve got kids \u201chelping\u201d you when you shop, you may not realize how much their wishes and wants influence your spending choices and impact your budget. One big contribution kids can make is in the form of a commitment to not ask their parents to spend money every time they go out. If you\u2019ve got kids, you know how often they ask for fast food, extra snacks at the grocery store, to go to the mall…. It all adds up and impulse spending<\/a> quickly takes you further away from your goal.<\/p>\n Luckily, saving for a goal doesn\u2019t only mean spending less and reducing expenses, because sometimes that isn\u2019t possible. Finding ways to top up a savings account can also mean earning more money, or doing a combination of both.<\/p>\n As you look for ways to earn money<\/strong>, keep in mind that this may be a temporary commitment and that you don\u2019t want to take on more extra work than you can reasonably handle. If you have teens, helping them find ways to earn income happens to also be a great way for them to gain valuable financial skills.<\/p>\n Ideas for how to increase income include:<\/em><\/p>\n Ensure that the money you\u2019re saving gets put into a savings account as fast as possible to keep it safe from yourself. Leaving it sitting in your chequing account, in your wallet or on a shelf in someone\u2019s room makes it more likely to be spent on other things. You might even want to set up a separate savings account<\/strong> specifically for this goal so that you can easily keep track of your progress. If you have kids, a separate account lets you control how much of your personal financial information you show them. Find an account that pays some interest and has minimal service fees.<\/p>\n Consider making savings automatic right on payday. Set up electronic transfers between your chequing and savings account and pay yourself first. What you can\u2019t see, you won\u2019t spend.<\/p>\n Here are some tips and \u201cbest practices\u201d that can make it easier to save:<\/em><\/p>\n Keep talking about your progress so that everyone involved can be excited about how far you\u2019ve come. Tell family and friends what your financial goal<\/a> is and what you\u2019re doing to achieve it. Ask them to find ways to encourage you to stay on track. This can include everything from contributing towards it for birthday gifts to helping set up a garage sale, baby sitting while you pick up an extra shift or supporting your efforts to save money and spend less on going out.<\/p>\n Every little bit counts, so have some fun as you find your fantastic frugal self!<\/p>\n Learn More About Money Management from These Related Articles:<\/strong><\/p>\n <\/p>\n\n
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For a step-by-step plan to set yourself up for success, here\u2019s how to start:<\/span><\/p>\nBefore You Start Saving, Set a Specific Goal<\/h2>\n
<\/a>Step 1: Break Your Goal Down Into Bite-Size Chunks<\/h2>\n
<\/a>Step 2: Decide Specifically What You Can Do to Save Towards Your Goal
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<\/em><\/p>\n<\/a>Step 3: If Spending Less and Reducing Your Expenses Isn\u2019t Enough, Find Ways to Earn More<\/h2>\n
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<\/a>Step 4: Set Your Saved Money Aside in a Savings Account<\/h2>\n
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<\/p>\n<\/a>Step 5: Employ as Many Savings Best Practices as You Can<\/h2>\n
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Celebrate Your Successes as You Find Ways to Save Money & Reach Your Financial Goals<\/h3>\n
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