Okay. So money doesn't really grow on trees. Unless you plant your own Mighty Money Tree, that is!
... continued below
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How to Grow Your Very Own Money Tree ... continued from above
Imagine that only a few moments ago you planted a young sapling in your
back yard. You gave it just enough water to ensure a good start. Not too
much, not too little. You even propped it up with a stake. You'll
continue to nurture it, feed it, water it.
And with each passing year, your tender young sapling will grow
stronger. Taller. Healthy. As it ages, your tree can better defend
itself from natural predators. Even harsh weather.
Growing your savings account is similar to growing your new tree. Given
lots of tender care, your savings account will become your Mighty Money
Tree. Use the following tips to ensure a great start. So, grab your
shovel and let's get planting!
Prop Up Your New Savings Account
To build an account you can enjoy for a lifetime, prop it up with
nutrients to help it grow.
a) Feed your account with bonuses. Deposit money saved through cancelled
subscriptions. Don't forget those unexpected windfalls, either.
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How about money owed and paid back to you? Be sure to include these
amounts, even if they're small. Small is great -- and very do-able.
b) Nurture your savings weekly with money saved from using coupons.
Do you buy items on sale? Take that money you saved and use it to grow
your account. Tuck small amounts into an envelope. Deposit weekly.
c) Shower your fund with birthday, anniversary or holiday gifts of
money. Refunds, too! This is money you normally wouldn't have had (or
already spent.)
Remember, out of sight, out of mind!
Fiercely Protect From Natural Enemies
Just as you might spray your tree to ward off insects or disease, you
must protect your fledgling savings account. It's precious -- and a
result of your patience.
a) Avoid spending too much time with others who make it seem 'natural'
to go through money. They may not give it much thought because spending
is a comfortable habit for them.
But you actually have a plan. And you have the big picture of how and
when you'll spend. You will decide the where and why of spending your
money. Make your spending thoughtful.
b) Pace yourself as you spend your weekly allotment of money. If you run
on $35 per week (for example), that gives you five dollars per day.
Stay just under that five, and you'll always be a few dollars ahead.
You'll also be less tempted to tap your savings.
c) Practice 'tough love' with chronic spenders who repeatedly borrow
your money. Give yourself permission to state firmly that borrowing your
money is 'not' an option. Remove the stakes that prop up others'
spending.
Say yes to protecting and taking care of your money. It will be there to
support you, your family, and your true needs.
Promote and Maintain Healthy Growth
Small amounts add up big time, so keep money coming into your account on
a regular basis. Keep it growing!
a) Remember 'why' you set up your account. Know your balance at all
times. Keep your eye on the bigger picture.
Will it help you pay for a gently used car, eliminating future car
payments year after year? Is it your 'freedom from working for others'
fund?
b) Begin with one great strategy, and use it to create a steady stream
of money to feed your account. Will it be a direct deposit through
payroll?
Will you fund it by using only dollar bills, and setting aside all
change at the end of each day? If so, scoop up your change and deposit
weekly.
c) Each month, find a new, creative way to put more money in your
account. Then find another method and repeat for a month. Keep the top
three or four methods which seem to work best for you. Toss the rest,
because you want methods that work for you consistently.
Need a starting point? Why not begin with spending ten dollars less at
the store each week? Tuck your ten bucks into your savings account. It's
simple, and it won't leave you feeling deprived.
Lastly, feel the wonder of knowing that your money tree will continue to
grow. Like a faithful friend, it will remain at your side. Your champion
in good times, a comfort in the rough patches of life.
It has the power to draw your dream out of the darkness and into the
light. How long have you had that private, special dream? Only you can
know.
Now, what would 'you' do with your own Mighty Money Tree? Plant one
today! Prop it up. Protect it. Watch it grow.
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About The Author
Author and ezine editor Darlene Arechederra inspires busy women to put
the simple back in saving their money. Her complimentary newsletter
serves up heaps of motivation with a unique, down-home style of writing.
Join her today at http://www.RatRaceRemedies.com.
Disclaimer:
The information contained above has been provided as a general
service. Any references to specific financial, legal, accounting, or
taxation issues are done so in the context of general information
and should not be relied upon as fact or construed as advice by the
us in any of these areas. You should consult a relevant financial,
legal, tax or accounting professional to assist in your particular
circumstance. |
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