Monday, July 12, 2010

Money Monday - Save at the Beginning of the Month

For those of you that tithe to a church - they always say to give your money "off the top." The first of your paycheck should go to God. Doing this keeps you from scraping at the end.

I believe this is a biblical and sound piece of advice.

To further that, I want to suggest that your second check should be written to yourself and put in your savings account.

This will prevent you from spending money on fast food or frivolous things at the end of the month. It will cause you to FOCUS on where your money is going because you only have "so much" to spend.

I've heard all of the excuses. There isn't enough to pay the bills in the first place - not enough month at the end of the money....I have a lot to say about this - and if you want to know my opinion on your excuses - look here for my post on budgets and here for my post on tips for making extra money.

As for today, I'm trying to help you save. Since moving, we've done a poor job and saving from our monthly budget. Granted, we've had a lot of large unexpected expenses, but there was a time when we were getting out of debt where we were putting close to $2000 PER MONTH towards our debt snowball on TOP of monthly payments. There's no EXCUSE for us not to have money to put away now. So, a few days ago I decided to put a large chunk into savings NOW, at the BEGINNING of the month.

Now, what will happen at the end of the month? We'll have to sacrifice eating out, not our savings. I suggest you try it, even if it's only $20. Get into a new habit - A GOOD habit!

No comments:

Post a Comment

Popular Posts