Saving money like you are training for a marathon requires skill. The skill of saving money like you are training grows over time. But the most important thing is to never give up. Therefore, you must learn how to save at a pace. The best money accumulators develop a strong saving pace. Their pace is purposed and focused. They look for the best time to save. They investigate the savings market. They develop a tactic, practice, and fine-tune it to perfection.
Your pace can be easy if you know yourself. If you are like me and you are a natural saver, it will probably be easy. I have found that natural savers create savings accounts for everything. I personally have a savings account for Christmas, vacations, car insurance, and unexpected bills. My saving rate depends on the amount of money I make. When I went through a period of not having much left on my check after the bills, I saved $5.00 per check. When I paid off everything I was able to save $30.00 in each account per check. The most important thing is to stick with whatever method you choose to use.
First Develop An Easy Savings Pace So You Don't Burn Out
Developing a saving pace means that you start small and increase. Like a marathon runner your start at a mile, then two and on ward. Developing a saving pace also means determining what type of saver you are. Then develop the best plan for you savings style. Therefore, if you are a long-range planner? Design a long goal with a large amount to save. If you can design the savings plan, you can achieve that goal.
Just like marathon running, saving requires a goal. Our goal is to buy a twenty-five thousand dollars used car.
Next, let us create a chart to show our progress. The chart shows the goal, and a graph to show the progress toward the goal.
Also, put a few celebration points in the chart. The celebration points should be something simple. I like to celebrate with ice cream when I accomplish a goal.
Determine the amount of time you want the plan to cover. This is where you will find out if you are a sprinter (a quick saver) or a long-distance runner (it takes longer but you keep saving).
Both of these savings strategies are great as long as you are committed. Remember to discipline yourself. Consequently, saving money like you are training for a marathon requires discipline.
Develop Your Plan and Stick To It
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Read and learn how others accomplished their savings goal. Then develop your plan. I have a neighbor who bought himself a new Cadillac Truck. He said it took him five years to save the money to pay cash. Click on Gundi Gabrielle, to view the book Passive Income Freedom, which provides 23 passive income blueprints.
The ability to save money like you are training for a marathon means you must turn up the pace. Save like a hoarder.
Push yourself like a runner in an anaerobic state. Learn how to accumulate money in two or three different ways at the same time. Increase your wealth, passive cash and income by developing another form of income.
Remove All Trash spending
Remove all trash spending including excess shopping. Increasing your stash means decreasing your trash spending. In view of that, remove all of your trash spendings. Learn how to pay yourself. So, find and remove all energy suckers.
As a runner, candy is an energy sucker. As a money saver, green lights around the house are energy suckers. So, turn off anything that is not being used at that time.
After that, make sure that appliances are not working double-time to do a single job. What does that mean? Clean the dust from behind and under your refrigerator. When the appliances can breathe, they don’t work as hard. Therefore, they do not use as much energy. Consequently, the less you pay the more you save.
As soon as possible, remove all credit card debt. Interest payments are bloodsuckers. Why pay fifty dollars for a pair of forty-five-dollar shoes? If you use credit cards, never leave a balance on the card.
Learn How to Keep Your Money In Your Hands
By now you should have developed a system. Ignite your ability yourself with “you can” talks. Train your thoughts to save money like you a marathon runner.
Psychologically you have conditioned yourself. When you believe that you can save twenty-five thousand dollars, you will.
At this moment, you are focused and ready for the next step. Today is the day to start shopping like you are broke!
Keep your focus and keep going. Everyday you may need to tell yourself “you can do it.”
How can you shop like a broke person? Shopping like a person with no money is easy. First, use coupons for everything. My daughter used to use the system of double couponing. It saved a lot of money.
From time to time she was able to buy forty-five to fifty dollar’s worth of groceries for just five or six dollars. Nonetheless, if you do not have coupons, buy store name brand items.
Nowadays, store name brand items are usually packaged by a name brand company. Therefore, the ingredients are the same. Also, remember, that store name brand items can be sold for less because the name belongs to that store.
Once again, remember that saving money is like training for a marathon. It requires skill and dedication. Finally, you have made it to the sweet spot. At this point you are in a physiological zone with no boundaries. So keep going.
Create Emergency Accounts
Now is the time to create your rainy-day fund. Thus far you have never made it out of a financial drought without going into debt. Nonetheless, you are ready to be proactive with your spending and saving.
Subsequently, you have money that you did not know you had. You may think about where? You have your passive income. Yes, passive income from credit cards.
You also have passive income from savings accounts. In addition, you have passive income from rebate shopping. Increase your passive income so that it is your personal stimulus check.
Conclusion
First, we discussed the importance of determining and designing a saving pace and goal. These two allowed you to see how much and how long you want to save. In step two we learn how to remove excess spending.
We also see that excess spending is not always what we need to spend. In addition, excess spending can be controlled by turning off the tiny indicator lights. The tiny lights are usually connected to a computer. Next, we examine the need to change your psychological mindset. As you renew your thinking you put yourself into a zone.
Finally, you transition yourself into your sweet spot. Once you reach your sweet spot you believe that there is nothing that you cannot achieve.
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