Tag Archives: money saving plan

4 Financial Tips for Starting a Money Saving Plan

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

The One-Page Financial Plan: Setting Up a Money Saving Plan
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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.)

Financial Tips for Women

Women, don’t just sit back and let your men take the lead when it comes to your financial future – it just isn’t a smart thing to do – so make your own budget and money saving plan and begin managing your personal finances.

I’m not saying the man in your life isn’t smart, or great, or untrustworthy – I’m saying – if you choose to sit back idly and leave your financial future in your guy’s hands – what are you going to do if something happens to him?

Managing Personal Finances

  • What are you going to do if you end up in the majority – another statistic – another couple that ends up divorced?
  • What if he makes a bad choice and you end up blaming him?
  • At least if you do your research and make some or all of your own choices, you don’t end up playing the blame game.

Financial Tips

Personal Finance for Women: Financial Tips
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Any good financial plan starts with recognizing and understanding your current financial situation, then developing a livable budget.

Just like with everything else in life, you have to begin at the beginning to create a strong foundation for your financial future.

Plus, you can’t save anything for your future if you aren’t even making ends meet in the first place, now.

Financial Analyst

Once you have created a livable budget and started the savings habit, you can tap into the knowledge a good financial analyst offers.

In addition to asking friends for names of their financial planners, check into the background of anyone you consider taking money advice from – look for a registered rep for financial planning, or a certified financial planner.

What Is a CFP

A CFP is certified financial planner, which means this person has:

  • Taken a CFP-approved set of courses.
  • Passed a ten hour exam, measuring his (or her) ability to translate financial planning problems to real-life cases.
  • Three years previous financial planning experience (in order to become certified.)
  • A certified financial planner must also pass a background check.
  • Agreed to follow a professional code of ethics.

The key thing to take away from this post is, don’t blindly trust your financial future to anyone. Make your own budget and money saving plan, check the credentials of anyone you ask for financial planning help, and make sure the plan you create will give you the future you want.