How to Save Money for Just About Anything!

Whether you want to save money for college , a vacation , a wedding , or the latest gizmo to impress your friends, you’re going to need to have a good plan for saving up the money first! Whatever you are saving for, there is a tried and true process for saving money faster than ever and making sure you don’t go spend it on something else! Here are some tips on how to save money for just about anything! The Process of Saving for Anything 1. Know how much money you need to save. This one seems like a no-brainer, but you might be tempted to wing it if the purchase you need to make is of substantial value. For example, if you’re saving for a future college education, you might not count the cost first because of the complexity of adding up all the expenses. After all, there’s tuition to pay, books to buy, a gas tank to fill, room and board to deal with, and random college fees that pop out of nowhere. Yikes! Even though it might be a hassle, it’s recommended that you count the cost of everything involved as best as possible. If you feel you might be missing some expenses, add a bit of extra money to your total; this will help cover any unexpected expenses. Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it? – Luke 14:28 NIV 2. Know how much time you have. Some purchases need to be made within a certain amount of time. This time limit could be either self-imposed, set by a company, or set by limited supply. Whatever the case, know how much time you have to purchase the item or service you need. This will be important for determining how quickly you’ll need to save up money. Once you know how much time you have to make the purchase, divide how much money you’ll need to save by how many units of time you have. Let’s say a special deal is being offered this year at the car lot and you want to purchase a vehicle for $4,000. You have 8 months left to buy the vehicle at the discounted price, so you obviously have to save up $500 per month – quite a feat, but you could do it if you put your mind to it. Knowing how much money you will need to save in a certain amount of time gives you a tangible goal that you can try and hit. While this is elementary in nature, the problem is that so many people just don’t do it! Okay, so you know how much you’ll need to save in a certain amount of time. What’s next? 3. Create a separate fund for your savings goal. One problem people run into when saving for something is that the money they intended to save for a specific goal gets spent on other things. How does this happen? Well, the money that they separate in their minds gets lost in their bank account. In order to effectively hang onto the money you’ve intended for a certain purchase, you have to create a separate fund for your savings goal or write down how much you’ve saved. A great way to save for specific goals is by using SmartyPig.com . SmartyPig allows you to create savings goals and track your progress. What’s awesome about SmartyPig is that you can actually type in how much you need to save and how much time you have to reach your goal. As discussed previously, these are important things to consider when saving money. You may instead choose to use software for designating your savings goals. In this way, you can “virtually” save up money for a goal without separating it out from your standard checking or savings accounts. How You Can Save Money Quickly 1. Use the power of focus. Instead of having multiple savings goals, try focusing on one goal at a time. Dave Ramsey’s 7 Baby Steps follow this suggestion, pushing you to focus on one financial goal and then moving on to the next. This intensity will help you achieve your savings goals faster. 2. Turn your spending into savings! One way to save some extra money without changing your purchasing habits is to use a cash back debit card from PerkStreet . We’re currently making over $300 a year without changing the way we’re spending our money, and that simply rocks; wouldn’t you say? 3. Make some extra money and discover new ways to save. Bob has written some great articles on how you can make some extra cash quickly: 15 Ways to Make $200 Quick – This one compiles some of the best ideas in the blogosphere. It’s a must read. 20 Best Ways to Save Money by NOT Being Normal – The one has some great ideas on how you can save money by making some [not normal yet doable] changes in your life. There you have it. You can save money for just about anything!  With a little planning you’ll be well on your way to reaching your savings goals and enjoying the fruits of your labor. Are you ready? What are you saving for? Leave a comment below and let us know your progress! Related Articles: How to Attend College Debt Free! How Do You Save Money for a Replacement Car? How to save money with coupons What Is The Easiest Way to Save Money? Automate it! John Frainee is a personal finance writer at TheChristianDollar.com . His goal is to provide biblical financial principles that encourage people to live healthier lives. Beyond personal finance, John enjoys spending time with his wife and two crazy cats, playing a competitive game of Monopoly, and reading just about anything he can get his hands on. You can also find him on Twitter and Facebook .

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How to Save Money for Just About Anything!

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