Are you serious about getting out of debt and building a strong financial future? If so, then you must save money on a regular basis. The best part is you don’t have to begin with much. All you need to do for starters is to save one thousand dollars. That will give you some cushion and breathing space which you can then build on.
Speaking of building, when I worked construction I learned that every building requires a solid foundation. For your financial life, that foundation is savings. Without adequate savings you will struggle to get out of debt and will always be susceptible to emergency situations.
Now I know for most people the process of saving money isn’t a sexy financial move. We’d rather spend money on gadgets or entertainment or experiences that give us an emotional high. Saving money and leaving it in the bank is an emotional blah.
To save one thousand dollars in a month may or may not sound like a daunting task. Some of you may be struggling to pay your basic bills. To save one thousand dollars may as well be like saving one million in your eyes.
But be encouraged. You can save one thousand dollars quickly. In fact, you can do it in only one month. Here’s how.
The concept of a sinking fund is not new but it took me to my mid-30s to hear about it. Essentially, a sinking fund is a savings fund you create for the express purpose of purchasing something in the future. And, as I’ve found out, it’s a really easy technique anyone can learn. It’s also one of the best practices to help you eliminate overspending and pay for bills, gifts or other budget items that come infrequently.
Other than spend, there is no more basic activity to do with money than to save it. People save for many reasons. But the main purpose of saving is to have a store of money for needs, for wants or for emergencies.
