Money Matters: 6 Ways to Save Money
Cary, NC — In the spirit of new year’s resolutions, Nick Putnam, a Financial Advisor for First Command Financial Services, Inc., shares with us six things you can do to start saving money right now.
6 Ways to Save Money
Does money slip through your fingers in spite of all your good intentions? Are you a procrastinator in developing a long-range financial plan? If so, you will very likely find these six tips useful.
Establish specific goals for things you really want. Saving as a matter of principle just doesn’t provide the necessary motivation for most people. You must have definite goals – things you really wish to have.
Set definite deadlines for reaching your goals. Be realistic about how much will be required to reach your goals. How soon will you need it?
Pay yourself first – fundamental to every financial plan. When you make out the checks to pay the bills, don’t put yourself last. You may never get there. Make that first check out to yourself.
Get your money out of sight and out of mind. Automatic bank drafts are excellent means to this end.
Establish specific accounts for each separate goal. If you have two or more basic objectives, establish two or more accounts to achieve them.
Stick with your plan. The best plan in the world is useless if it is not activated or if it is abandoned. If your goals are meaningful to you, you must stick with your original plan.
Story by Nick Putnam, a Financial Advisor for First Command Financial Services, Inc. Photo by Gerard Van der Leun.