If the life of your kids depended on you saving one-thousand dollars in one month, would you find a way to make it happen? Why do we keep making excuses? Could you save five hundred dollars in one month? What if I told you it took the same amount of effort to save one thousand dollars as it does saving five hundred?
Personally, it was a no brainer to immediately transfer one-thousand dollars into my savings account as soon as I started Dave Ramsey’s Financial Peace University (FPU). This is baby step one of Dave’s 7 baby steps and it’s a great way to start building momentum.
I understand many cannot afford to do this right away but with the right tools you will know how to save 1000 dollars, fast.
DESIRE AND FAITH
You will constantly hear me say that a burning desire, a clear purpose, and faith are the foundation to win at anything in life. I am going to keep drilling this into my posts because you truly are the master of your destiny.
To get anything done you need to start by knowing that you can and will do it. When you began to crawl as a toddler (you may not remember this) you didn’t stop and ask whether you could do it or not, you just went for it. It happened again when you started to walk and again when you started to ride a bike. Do you remember?
Think about it and ask yourself how is that different from starting on a path toward financial freedom? A path that your kids’ future and your legacy depend on?
TAKE ACTION NOW
The first action inevitably is to reduce your expenses. There is no other action that will bring more impacting results than adjusting your spending habits. And, it is really not that difficult.
Ask yourself what is more important than your kids’ future? Is not buying unnecessary items more painful than not saving your kids’ future?
MAKE MORE MONEY
There are many ways you can do this. The first options is to put in some overtime at work or get a second job.
After you have exhausted all your overtime hours, the next thing is to sell some stuff. Yes, you read the right. Sell some stuff. Sell your toys, sell your jewelry, sell all the stuff you haven’t used in years that is collecting dust (can you say garage sale?).
You can have a garage sale, sell on eBay, Amazon, Craigslist, and/or Facebook trade groups. I know this is difficult. Believe me I know. I sold all my guns last Holiday season and it was a tough decision, but it was worth it.
Dave Ramsey likes to say, “live like no one else, so later you can live and give like no one else.” Remember that this is only temporary. It will accelerate your results, dramatically. I raised close to ten thousand dollars by selling my toys (guns) and still have another round of selling to do. It is all for the greater good.
RAISE YOUR DEDUCTIBLES
FPU really gets deep into this subject but the gist of it is that we will only be carrying the most important insurance policies like term-life, long-term disability, home, auto, and a couple of other insurances that protects us from bankruptcy in dire situations. Every other odd-ball insurance such as the ones offered as upsells on major purchases can be disregarded.
The policies that we do have we will raise the deductibles on them, so our premiums can be lower. The idea behind this is that we will eventually build up our emergency fund to cover minor expenses and the higher deductibles if need be. This trade off allows us to use the extra funds towards our financial independence including the initial one-thousand-dollar savings from baby step one.
TAKE SMALL STEPS FOR BIG WINS
Saving one-thousand dollars in one month seems like a daunting task. That is a lot of money for a lot of people. But, it is also a limiting belief. Where there is will, there is a way. You may think it is a lot to take on but as you can see if you break it down to small bite-size chunks it is manageable. The small increments add up to big money in the end.
Are you up for the challenge? One-Thousand dollars in one month. Leave a comment I want to hear what you think and if you have any questions on any of the strategies mentioned I would be more than happy to answer them.