3.12.2008

{ save a little, save a lot }


I know a lot of your 2008 resolutions have to do with saving more $ for various reasons - to pay down debt, save $ for a family vacation, buy a house, etc.

Sometimes it’s less overwhelming to think about saving for things in different categories rather than one huge goal. For instance, savings can be looked at in the following way:

* Short-term goals: Purchases costing less than $1,000
* Medium-term goals: Purchases over $1,000, such as vacations, new furniture or even home ownership
* Long-term goals: Savings for retirement or a child’s college education

Take a look at your financial goals and seeing how they fit into each of these catagories and look at ways to set aside some money each month for all 3 categories.

We are trying to save for mostly mid-term goals (solar panels, paying off my school loans and a month in Australia) and long-term goals (early retirement). One of the ways we think we can reach many of our mid-term goals this year is by cutting down our monthly expenses on non-necessary purchases. If we can save an extra $500-1,000/month that will help us have more in the bank at the end of the year for our mid-term goals. We are also looking at ways to increase our revenue for our businesses and cut down on expenses - that also will allow us to have more money at the end of the year for our long-term goals.

ps - Speaking of money, I just found an adorable new wallet.
pps - I'm going to try and get Suze Orman's new book at the library this week.
ppps - A good article in US News about applying the principles of yoga & mindfulness to your spending via Hip Tranquil Chick.

4 comments:

carolyn said...

Good tips! Thanks!

Anonymous said...

great tips! We are trying to save for a vacation to Hawaii!

- Tara C.

dmoms said...

Have you ever watched the Suzie Orman show? I love the "Can I/we buy this?" segment.

LobotoME said...

No! I didn't even know she had her own show - I've only seen her on Oprah and read some of her books! I'll have to look into the show! Thanks for the tip!