I want you to improve your financial life in 2013 and beyond. Therefore, over the next 31 days I’ll be sharing my best tips to help you improve your financial life. Each post will contain a short, actionable tip, followed by some related resources.
While I can’t promise you’ll be rich or completely debt free by the end of the 31 days, I can assure you that if you take action on the 31 tips, your financial life will be much better off this year than last.
Let’s do this!
Day 1: Save $1,000
Everyone should have at least an extra $1,000 saved up. Having at least a $1,000 cushion in your finances can do a lot for your feelings of security. It’s also evidence that you are capable of living within your means, and (possibly more importantly) holding on to your savings.
Do this today: Open up a separate savings account and have $100 automatically deposited into the account each paycheck (or each month). After just ten deposits, you’ll have that $1,000 saved and you didn’t even have to think about it beyond that one time you setup the automatic deposit. You’ll be less likely to touch the money because it’s in a separate place. Out of sight, out of mind.
If $100 is too much. Try $50 and do it for 20 periods. Either way, pick a number, separate, and automate. This is the most guaranteed way that I’ve found to saving $1,000.
Want to get to $1,000 quicker? Consider selling some things you don’t use anymore and stashing that money in the account. Or, you could ask friends, family, or neighbors if there are any odd jobs you could do for them to earn quick cash for the savings account.
- 2 Reasons People Aren’t Saving Enough
- Online Savings Accounts
- The Automatic Millionaire by David Bach