Make it happen

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Do you want to know the secret to becoming a millionaire? No, it’s not marrying someone rich or winning the lottery – it’s SAVING. I know it doesn’t sound like any fun, but it is the only way to ensure you’ll have money when you get older. Are you a big spender? Do you buy things just because you have money with you? Have you ever wondered where all your money went? If so, then practicing to save money is a must!

Think of it like tying shoes…when you first tried you probably weren’t that successful, but after years of doing it you don’t even have to think about it anymore – it just comes naturally. A savings habit works the same way. At first it’s hard to do (especially if you’re used to splurging), but after a few months of practicing it will come naturally.

One way to get started is to pick something you’d like to buy (that doesn’t cost too much) and create a goal. Say you pick something that costs $50, and you know that you can earn $20 a week babysitting or mowing lawns. Do you think you should save all of the money you earn and get the item in 3 weeks? Or, would it be better to save half and keep the rest for spending money while you wait? You decide for yourself…but if it were me, I’d do the 50/50 plan. That way, even though it will take 2 extra weeks to reach my goal, I have money to buy things I want or need in the meantime. If I plan to save all of my money and my friends are all going to a movie, I’ll be tempted to break my goal and end up having to start over.

Make a plan and stick with it, don’t just dream about it. You might dream of becoming an American Idol, finding a million dollars under your mattress, or being adopted by Oprah, but most dreams are just that – dreams. You hope they will happen. Goals on the other hand are very different. Goals are things you plan for and work toward, whether that be getting better grades, going to college, or becoming richer. If you want something- create a SMART* goal, start taking the right steps, and make it happen.

 

*SMART goals:

Specific… “I want to go to Panama City for Spring Break” is more specific than “I want to go somewhere fun.”

Measurable… “I’ll need $150 for my share of the hotel” is measurable; “I want to save a bunch of money for my trip” is not.

Attainable… “I’ll split the driving with my friends and take $200 more for gas, food, and other spending” is much more attainable than “I want $500 to fly there and $700 for spending money.”

Realistic… “I’ll save $60 a month from my pay for the next six months” is more realistic than “I’ll buy lottery tickets every week.”

Time-bound… “I want to save all the money by March 1” gives you a specific date from which to plan backwards, unlike “I want to save all the money by spring.”