The Big Picture
Now we have gone through the whole method and dug into the details of the process. Now let me give you a brief recap of what we did… basically I’m creating an outline for you when you go to take the test. There obviously is no test, but if you think about it putting this method to work for your life is the real test. You can test to see if it works for you. I’m always here to answer questions and would love to hear other real life experiences with this method.
i. Have enough money to cover monthly expenses put aside before the end of the month.
ii. Have $1,000 in a saving account for emergency money.
i. Have a second saving account with 6-12 months of annual salary for big purchases, like a car.
ii. Have a third saving account for a retirement fund where $5,000 can be deposited yearly.
A) Estimate your monthly expenses.
B) Estimate your monthly earnings.
C) Find the difference of monthly expenses and earnings
A) Find a percentage you can afford to take from every paycheck to be put into savings.
B) Decide how much money from your paycheck, over a period of time, you can set aside to add up to you monthly expenses.
C) Find a time when you are in “good place” to start taking action.
That’s it… those 4 wicked long posts bubble down to these steps. It’s fairly less intimidating when you look at it this way, in my opinion.
The best part of this method is that it can be adapted to anyone and you can do it on your own. I like this as a place to start. From here there’s a ton of opportunities to utilize different apps, websites and bank perks that will help your savings improve as well.
I hope everyone has enjoyed my “class”. I hope if you find it helpful to not only share with me, but with your friends and peers.