Have you set a personal goal for saving this year? This is not about making another new year resolution. Instead, it is about making good financial decisions. Every year I look for more efficient ways to save. The great thing about it is that I want to also model for my 12 year old son so I have included him on this journey as well. I want to share with you things that have been successful for me. I know you have probably seen a variety of challenges on the internet on how to save for a year. One that I truly like is the money saving chart. I have a poster size of this chart hanging on the back of my bedroom door. This chart allows me to save $1,000. One great thing about this one versus those that give specific amounts for each week, it gives you the option to choose what you will save for any given week. We all know that some weeks may be more of a financial strain that others. These are the weeks that you would choose the small amounts. Weeks you have extra, you may want to elect to save more or mark off more than one week. You can’t go wrong with this! You may even do it more than once for twice the amount. If you are worried about keeping the money at home locked away, open up a savings account and transfer the amounts from your checking account or simply drop it by the bank.

I also mentioned involving your children. The second chart is one that I use with my son. The amounts are very minimal most of the times and this is probably change that they may have around in their room. Print them a chart and allow them to be responsible for saving and check off their weekly saving amounts. You will be amazed as to what they will do to ensure they have their weekly amount ready to be saved. It is okay to help them with their amounts as well if they do not get allowance. Later this month, I will be discussing account options for kids (savings and money accounts with a debit card).

So what are you saving for? It is important to decide what you are saving for. It makes it more meaningful to set a goal with a purpose. Is it for travel, to make a big purchase,  or to pay off a debt? Saving for Christmas is also important. If you are able to save all year to avoid creating additional debt during this time, you will see how it creates less stress. Challenge yourself to save this year. Feel free to comment and ask any questions.

Coming Soon:

Saving: Part 2-I will discuss other options for saving including types of savings accounts and how to save by paying your debt down in a more effective way.