Personal Finance
Money Management
Step 5: FINDING MONEY TO SAVE
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Sometimes people who have the most money are people who don’t spend a lot of money. Saying "no" to some purchases enables you to have money set aside to make other purchases. Even setting aside $5.00 or $10.00 per month toward a savings “goal” can make a big difference.
If you have a financial goal, but no money to save toward it each month, try labeling an envelope with that goal (e.g. “AirPods”) and then every time you find money on the ground, put those coins in the envelope. You can also add money to the envelope(s) if you receive some unexpectedly, like as a gift for your birthday. If someone asks what you’d like for your birthday, you can let them know you’re saving up for something, so maybe a gift certificate would help you achieve the goal. You can always add a gift certificate to your savings goal envelope(s).
If you have a financial goal, but no money to save toward it each month, try labeling an envelope with that goal (e.g. “AirPods”) and then every time you find money on the ground, put those coins in the envelope. You can also add money to the envelope(s) if you receive some unexpectedly, like as a gift for your birthday. If someone asks what you’d like for your birthday, you can let them know you’re saving up for something, so maybe a gift certificate would help you achieve the goal. You can always add a gift certificate to your savings goal envelope(s).