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So you think you can’t find any money to save!
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I am often faced with the comment. “I would like to save but there just isn’t any spare money”.
I don’t instantly disagree with the person making the comment but in my experience most people can find spare money if they have a very good reason to. And that is the key. So before we embark on a find the money exercise I ask them what they want to save for. If they don’t have an answer then I agree that it would be difficult for them to find spare money. BUT……………… if there is a good reason to save and a specific amount to be accumulated then try this exercise. 1. Take a blank piece of paper and a pen. 2. Mentally walk yourself through the last seven days writing down everything you spent money on until you get to today. 3. Look at the list and circle three items that appear regularly and that you could do without. 4. Add up the amount spent on these items in one week. This total represents spare money….. but only one week’s worth 5. Multiply the total by 26 weeks. This will give you the amount that could be saved in half a year. Get the idea! All you have to do is find a reason that is more important than the items you identify that you could do without. The next step is to put the money in a savings account every week instead of spending on the items you could do without. One of my workshop delegates wanted to clear a debt of just over £3000. By looking at her weekly spending she found that in one year she could clear the debt and then go back to her normal habits. And the reward…. Not having the debt and finding that she had an extra £3000 a year that she could spend on holidays if she wanted to. Margaret Corridan: Author of Brilliant Personal Finances |
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