Muleriders,
We all, at some point and about something in our lives, are like Dory. We know what we need to do but continue to give in to our wants instead.
This is why we asked Molly Ann to give us her two $ense.
Here is what she had to say:
1. Set a measurable amount for how much money you want to save (and for what?)
(Example: “I want to save $500 for fresh hay next summer.”) Don’t just say “I want to save more money.” What does more money mean? A dollar, a penny? How do you know you’re actually saving more? Setting a specific amount of money helps you measure if you’re saving more or not.
2. Put due dates on the money you’re saving
(Example: “I want to save $500 by June 2022”) You’re more likely to reach your goal of saving more when you place a time limit to reach that goal by.
3. OPEN A SAVINGS ACCOUNT!
Your $500 needs a home, not a hotel to live in. Checking Accounts are like hotels. Money comes in, stays there a night or two, and leaves again. A Savings Account is a house where your money can stay and grow.
4. Determine how much money you need to save monthly
If $500 is the goal by June 2022, then you need to save $62.50 per month (62.50 x 8 months = $500) Take your goal ($??) and divide it by how many months you have to save that amount.
5. SAVE FIRST!
When you receive your paycheck, immediately put $62.50 (or $31.25 if you get paid bi-weekly) in your savings account. You can even ask your bank to direct deposit that amount into your savings account automatically. This way, you don’t have to look at the money your trying to save.
Thanks,
Molly Ann!
