Do you have a savings strategy?

Is your savings strategy working?

If you answered no to either question then read on.

Saving is an essential part of any financial plan, but all too often we don’t give savings top priority.  I often hear, “I’ll start saving after I do this or that” OR “I can’t afford to save”.  Well the truth is you can’t afford not to, your future financial security depends on it.  Waiting for the perfect time to save will NEVER happen.  You have to start saving NOW. The amount you save is not important at first but what is important is to start now and make it a habit.

Your savings plan should include allocations for your retirement, emergencies and any other specific items or events such as a home purchase or travel.  To increase the opportunity for success in reaching your savings goals, separate savings account for each goal should be set up. This way you can easily track your progress against each goal. Many financial institutions offer the ability to easily set up these separate accounts. Some people have as many as 10 separate savings accounts; it all depends on what your goals are.

When I first started saving, I didn’t have a separate saving account and attempted to save in my everyday account. Believe me when I say that was a big mistake. I was always trying to figure out what I could spend and what was savings.

In addition to creating separate savings accounts, I implemented my 5 step savings plan. Contact me today to get started using this 5 step savings plan and watch your savings grow.