We live in a consumerist culture, surrounded by advertisements everywhere we look. It’s no wonder 55% of Americans spend more than they earn!
Does that mean saving money is impossible? No! But it might take a change in mindset and values. Here’s how to do it.
Think about your values. It doesn’t take a lot of money to positively impact the world.
Start with these questions: What’s really important to you? What is one way you’d like to change your life or the lives of others?
Once you’ve got that, there’s one more crucial question, too.
How much money will it really cost to achieve this purpose? Maybe you want to save enough that you can regularly donate to a nonprofit like PushBlack. Or take a class to level up your career prospects. Or to retire!
What does it cost? Saving for a particular purpose can be MUCH more motivating than saving for saving’s sake. And there’s ONE last thing to remember.
Be SMART. The most effective way to ensure you meet your savings goals is if they are:
S-Specific in purpose,
M-Measurable in dollars,
A-Attainable based on your income,
R-Relevant to your purpose, and in a
T-Time frame that fits your lifestyle.
We know there is always something to spend your money on, but when you save with a purpose in mind, it’s much easier to dedicate your money to it!