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Plan Today for Tomorrow's Financial Needs

Building a financial future for yourself and your family is a tough assignment. You plan and plan only to experience unexpected crises that seem to take all your savings. Despite the surprise financial blows in life such as medical bills, car or home repairs, etc., you can still plan for a better tomorrow where finances are concerned. Here are some basic tips to get your wheels turning.

Save on the Small Things

Savings don't have to be large dollar amounts to be significant. You can save money with small purchases each day by simply spending less. Take a look at the list below. Which items on this list can be reduced in dollar spending or eliminated all together?

a) Entertainment (movies and family outings)

b) Food (dining out or weekly grocery bills)

c) Transportation (gas, repairs, monthly car payments, insurance)

d) Home (insurance, repairs, home and garden decor, mortgage or refinancing)

e) Telephone (cell phones, long distance calls)

f) Travel (airline tickets, hotel, car rentals, vacation entertainment)

g) Energy and Utilities (heating and cooling, water usage, electricity)

h) Cash or Credit (credit card purchases, cash purchases, bonus incentives)

i) Shopping (clothing, shoes, jewelry, make-up, toys, home accessories)

Each item or activity above provides an opportunity to save money if you keep track of how much you're spending for each category. Saving a little with each item might equal tremendous savings for the long haul.

For example, you normally take a drive to a nearby city, which is 30 miles away, three times per week for various errands. You decide to reduce this to two trips per week, resulting in a savings of $10 per week in gasoline. You take the additional $10 and deposit it into your savings account. At the end of one year, you'll have accumulated $520 plus interest in savings by making this one schedule adjustment! That's amazing when you think about it for the long term.

Another example is if you can reduce your spending money by only $5 per week. You might dine out less often and take lunch with you to work. You might reduce the amount spent on entertainment or the number of long distance calls made each week. It's not difficult to find ways to save $5 per week, however, it's very rewarding when you've accumulated $260 plus interest by the end of the year!

In our two examples above, you've already saved $780 plus interest in one year by only adjusting a couple of items on the list. Imagine if you can adjust each item by $5 or $10. Your savings will add up in a hurry, without drastically changing your lifestyle.

Why Save?

Saving is tricky because it usually doesn't seem important at the time. But, it's great to have an extra $1,000 in the bank when your car breaks down, or your washing machine goes on the blitz. Even if you have medical insurance, this doesn't cover every medical expense. It's wise to have savings for emergencies such as sickness as well.

Saving money is the smart way to prepare for tomorrow's unexpected expenses. You'll experience less stress when financial needs arise because you prepared in advance.

Written by Candice Pardue

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