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You are here: Home / Budgets / Saving Money / Save Money For Important Things

Save Money For Important Things

July 2, 2016 By Twila VanLeer

Save Money
Save Money More Easily

Save Money

Some say that saving money is difficult. You make personal finance choices every day, most likely without any conscious thought about the end result. Whatever you choose, it is going to use more of your money or less. If you begin to make conscious choices, you can take the steps that will put more money in your pocket.

The truth is that having more money means spending less.

Setting Money Goals

If you are determined to add to the asset side of your ledger, it is wise to choose a specific goal that requires more money. What you really want can be the motivator to put your dreams into action. And you’re the only one who knows the purpose that will be worth the effort.

Think of the possibilities: Retirement needs, starting a business, buying a home or car, making improvements to the home you have now, making provision for future medical needs, planning a special event for your family, building your emergency fund. Your money, your choice.

When you have narrowed the list to one specific goal, it’s time to begin.

Analyze Your Financial Situation

Begin at the beginning. Analyze your current income/outgo patterns. Sometimes as life goes along, it is easy to lose track of specifics. Look at last month. Were all your basic bills paid in full? Look at your bank statement closely. You can’t start setting money aside for your goal if you are already losing ground.

Even families with healthy financial practices can find themselves in debt and needing to save money. Not paying off credit card bills monthly will build a negative balance faster than you would suppose. Habitually spending more than you earn is fatal. Debt is not neutral. It costs. Sometimes it costs so much that you sacrifice your ability to work toward your chosen objective.

Create A Budget

Set up a budget that will take care of your main living expenses. If you are serious and there seems to be no wiggle room in your budget, consider how you can cut corners. Find a cheaper place to live, if necessary. Brown bag instead of eating out for lunch and eat at home for breakfast and dinner. Plan less expensive entertainment and more cheap outings. Avoid payday loans and tax refund anticipation loans. Live on what you have without mortgaging your future.

Start Saving Money Now

With a goal in mind and your finances under control, you’re ready for the next step.

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Filed Under: Saving Money Tagged With: Budgeting, money management, Saving Money

About Twila VanLeer

Journalist/writer for more than 50 years. Pulitzer Prize nominee, 1983 for coverage of the first permanent artificial heart. More than 50 national, regional, local awards for news writing. Main writer for a memorial book for Deseret News' 150 th anniversary and for a book recounting the 1997 re-enactment of the pioneer trek from Omaha to Salt Lake City. Co-writer and editor of "True Valor," a book on the history of the artificial heart. Author of the book, Life Is Just A Bowl Of Kumquats, a wonderful story of a house wife and her trials with raising a large family.

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