savings for families

4 Steps Families Can Take to Begin Saving Some of Their Hard Earned Money

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Your day-to-day finances are really more simple than you think. It starts with your income from your paychecks, less any taxes and other withholdings. This represents your “take home pay”. Now we subtract every dollar that is spent during the month from your “take home pay”. IIf you spend more than your “take home pay”, you will have to borrow that amount from a credit card company or use some of your savings. However, if you spend less than your “take home pay”, you will be able to pay off some debt or put some money in your savings account!

Change your Attitude:

Your first step to savings is to change your mind set. You have to want to be a Saver versus a Spender. I know this doesn’t seem like a big thing, but your attitude means a lot. Want that money to stay in your pocket more than putting it in someone else’s.

Create Awareness:

Tracking your day-to-day spending is a valuable exercise. It is almost impossible to make a plan to save money without knowing exactly how much you are spending each month. It is also very important to know what you are spending the money on and why. Once you decide to be a saver, you will probably need to spend a little less. If you are aware of what you are spending your money on and why, it will help you to decide what changes you would like to make to begin saving. I like to have people consider the happiness they receive from each dollar spent, whether it is for a product or a service. For example, a $12 burger may not be quite as satisfying as a $36 steak, however is that steak really worth three times your money to you? I find that this simple exercise will help people to makes some meaningful adjustments in their spending habits.

Pay Yourself First:

When most people receive their “take home pay”, they will pay all of their bills and spend money on other things and see what might be left to save. When you change your mindset to being a Saver, you will want to set aside a portion of your take home pay directly into your savings account then only spend what is remaining. Paying yourself first for your hard work is a very effective way to begin saving.

Implement a Plan:

We all know that it is important to sets goals and make a plan in order to achieve things in life. Well it is no different when you want to start saving some cash! If you create your own monthly spending plan for the amount of your “take home pay” less the amount you paid yourself for your hard work, you will be well on your way to becoming a Saver instead of a Spender. Make those necessary adjustments to spend on things you truly value and do not spend without knowing why!

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