Goals

Do you have specific goals when it comes to saving money? If you really want to save money, your goals need to be specific, not general.

The first step is creating a specific budget and sticking to it. In order to save money you need to know how much you are spending first.

After that you can decide what more specific goals you need to do for your family. They might entail groceries, car expenses, frivolous spending, clothing, savings, Christmas spending, etc.

As this year is beginning to close, I encourage you to think about your money spending and money saving goals. Start musing different ideas and start slowly now, so that you can be all fired up and ready come 2008. Set some new specific goals for yourself. And stick to them!

In the meantime, does anyone want to share what has worked for them in setting money-saving goals? Here are some of mine:

1. In order to know where we are with spending money, I am always (daily) getting on our online banking, updating Quicken with receipts, etc. I don't want to take the chance of loosing track of money we spent that I don't know about. It does take time, but it is worth it to me.

2. I like to have a little competition with myself and see if I can spend less than the previous month in various areas (controlled expenses of course). That is always fun. I write it down in my planner so I can see it everyday, and I keep track daily so I don't mess up and go over.

3. If I know that I am going to need more money in a specific area this month than I did last month, I adjust my budget accordingly and spend less in another area.

4. And most important, I always pay us first! Putting money away to grow before we spend it. That way our money is working for us. Sometimes my husband will ask why we are so tight this paycheck...I just remind him that I put xxxx amount away this time, and I would rather be tight than waste my money. Then at least he knows I didn't go spend it all!

Any tips you want to share with everyone?

Goals