In reading an article called "Welcome to the savings game" by Humberto Cruz, I found in it a good common sense approach to saving and I thought I would pass a synopsis of it onto you.
"To win at the savings game, you have to play the whole season. You cannot win by building up a lead and trying to coast."
"A successful savings game plan - make that a successful anything - requires a long term, usually lifelong, commitment."
"Saving money is not self-denial, it is just not spending now so there's a lot more to spend tomorrow."
"Here are 10 principles that lead to success:
1.Know yourself. . .If you don't, you can never succeed is a very personal thing. Career-climbing, family, financial freedom. . .
2.Take charge . . .nobody else is responsible for the success of your savings program and no one has a higher stake in its success than you . . .
3.Do you homework . . .to be able to take charge, you need to know what you're doing and what your options are. . . there are trustworthy people and resources all around you that can help . . .
4.Have clear, specific goals . . . resolving just to "save more" is not good enough . . . goals must be qualified as something you can measure in terms of a number or quanity.
5.Set deadlines . . .a goal without a deadline is not a goal. If you say your goal is to save $3000. in the next year, then you know you have to save $250. per month or you will fall short.
6.Be realistic . . .start with a challenging but achievable goal.
7.Expect trouble . . .you will succcumb to temptation at times and blow money on things you later realizxe you did not really need, or even want. Fight temptation.
8.Build on small gains . . .nothing is particularly hard if you divide it into small jobs. It is much better to set a a series of small achievable goals than a single big one.
9.Persistent . . .don't lose track of your goal or what it takes to get there. It becomes a lot easire if you know why you are doing it.
10.Enjoy yourself . . .As a saver, you will experience the happy feeling of being in control of your finances, not the other way around. You'll get rid of debt and some day, if you really keep at it, the money
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