We all wish we could just find some extra money that would help us pay off a debt, get through a rough financial patch or be able to create wealth. Benjamin Franklin once said: “Beware of little expenses; a small leak will sink a great ship.” What are the little expenses that are sinking your great ship of wealth building?
In this day and age, it can be hard to put money aside, however, there is an easy way to save money without missing it, by making your savings automatic. One of the easiest ways to help you save is to set up an automatic deposit from your paycheck to a savings account. Have your financial institution automatically move money from your checking account to your savings account or investment account on a regular basis, like a day or two after your paycheck.
If you’re looking for money to get started saving, start small such as saving $20.00 a month. Putting away some money on a regular basis, even if it’s a small amount, can help you manage unexpected expenses and emergencies. It also helps you feel in control of your finances and helps you grow wealth.
Make a plan to find money by:
- Giving every dollar a job
- Tells where every dollar is going
- Creates a spending plan that works for you
- Starts by calculating your monthly income and expenses
- Keeps expenses less than income
- Identifying spending leaks
- Is a starting point to finding money
- Helps detect areas to save money or put that money towards another expense
- Tracking your spending
- Is going to take a little work
- Helps identify habits and provides a more accurate picture of where your money is going
- Living within your means
- Cuts unnecessary expenses
- Helps you spend wisely
- Shows how well your actual spending habits align with your values and priorities
Your Next Steps
- Set one small yet achievable financial goal
- Review where your money is going
- Analyze your spending habits
- Commit to making a plan
- Build wealth
Live Smart Colorado feature articles, developed by Colorado State University Extension specialists, provide research-based, practical information to support lifelong nutrition, physical, financial, and emotional health and well-being for Coloradans.