At its core, a money saving plan boils down to setting some money aside and saving it for a rainy day, but it’s not as simple to do as it is to say that.
Life gets in the way, and not putting enough thought and detail into your money saving plan to make it actionable can set you up for failure.
“No one’s ever achieved financial fitness with a January resolution that’s abandoned by February.” – Suze Orman
Financial Tips for Starting a Money Saving Plan
Start by thinking of a money saving plan as a long-term goal.
Sure, you can save a bit of cash here and there with no plan and spend it when you get in a pinch, but having a plan in place, and sticking to it over the long term can make a difference in your future – not just in your current situation.
“If you want to reap financial blessings, you have to sow financially.” – Joel Osteen
Figure out your budget (if you don’t already have one.)
In your budget, include what percentage of each pay you want to put in long-term savings, then add a percentage for short-term savings – that you can use for emergencies without wrecking your long term plan.
Set up an automatic savings plan.
Through your bank, credit union, or employer, set it up so the percentage you select to save long-term goes automatically into an account you can’t easily access – then either handle the short-term savings deposits on your own or set them up for automatic transfer, too.
“No complaint… is more common than that of a scarcity of money.” – Adam Smith
(Automatic transfers reduce the likelihood of spending your savings without thoroughly thinking it through first because, while it’s always your money, it never passes through your hands to tempt you to spend it.)
“A simple fact that is hard to learn is that the time to save money is when you have some.” – Joe Moore
How to Find a Trustworthy Financial Planner
Consult a financial planner or investment specialist if you need help.
If you really struggle with the concept of saving money, consult a professional financial planner for some help and direction – just be sure to check the planner’s credentials so you don’t get scammed.
(I really want to stress this part – check credentials if you need help with this type of planning – you cannot be too careful when it comes to your money.)