So yesterday I touched briefly on saving money. For those of you that did not hear my podcast from yesterday be sure to check it out, I shared an amazing story of a wise old man giving some rather unusual life altering advice to a young man.
So yesterday I touched briefly on saving $4,000 by the end of 2018, I want to dedicate this post to you who are possibly struggling with saving money. For those of you that have more month left over at the end of your money.
So yesterday I broke down $4,000 divided it by 52 weeks and came up with $77 per week needs to be saved in order to have a cushion of $4,000 by the end of 2018.
In order to give you a better understanding of where to find that $77 that you need to spend...I did a little Google search on how much money people spend annually on fast food, grabbing a morning coffee and how much food is wasted and thrown into the trash. See chart below.
So where do you fall on this chart? Conservative? Or over the top? Breaking down your spending in an easy to do math problem, lots of times helps you decipher where all your money is actually going. This may give you a BIGGER reason to start planning your meals a little better and dusting off that coffee machine in the corner.
So where else are you spending? Make your own chart on weekend expenditures and shopping sprees. What about bad habits like alcohol, smoking or drugs? Find ways you can cut back and start to save!
Start to think of yourself as a business. You are the business, all the expenses (money out) is your overhead. So at the end of the month did your business profit or did it lose?
Let's wrap this up with some homework: Steps to follow.
1. Figure out where your money is going
2. Figure out how much money you want to save by 12/31/2018
3. Divide that total number by 52 weeks.
4. Open a savings account and have an automatic transfer of that amount go from your main account, into your savings account every week
5. Don't touch your savings account!
6. Pay Rent/Mortgage first, utilities, car, gas, credit cards
7. Anything left over is safe to spend
8. Again, do not touch your savings account!
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Xo- Sabrina Victoria
Do something awesome today!