By Lynesha McElveen
As a child growing up I remember always hearing my parents talk about the importance of preparing for the future. My mom always talked about putting something away for a “rainy day,” while my dad spoke of the importance of using interest to get a return on my investments. Both parents also impressed on me the importance of giving of my time, talents, and tithe. While I agreed with saving and sharing, I also knew I liked spending. I’m a girl…and like most girls, I like nice things! With that I had to find a way intertwine all these things together so I could do it all! I learned to embrace making small, short term sacrifices for awesome, long term rewards.
During the course of my life, I have learned the importance of sharing with others without the expectation of anything in return. I also had to learn that saving didn’t just mean accumulating for the sake of having money to spend on stuff for me, but sometimes it meant putting myself in a position to give to others and meet their needs.
Here are some easy steps I would encourage you to try in your own life to make the most out of Sharing, Saving, and Spending.
- Identify the benefits of sharing both for the person giving and receiving. Does sharing make you feel good? Will sharing meet the needs of another person?
- Identify organizations to share and give of your time and resources. There are many organizations to donate to. Find a cause you are passionate about and give to that cause.
- Develop Savings Goals: short, intermediate, and long term. Short term are goals that will happen within the next 3 months. Intermediate can occur over the next 6 months to a year, and long term is anything over a year.
- Create a Savings Plan. Strive to save at least 10% of your income. If you can’t save that much, start with 1% and work your way up. Save all windfall money, i.e. tax refunds, settlements, gifts, etc.
- Develop a strategy to achieve Savings Goals. Your strategy may include having money directly deducted from your paycheck, or setting up a separate savings account without an ATM card. Always remember to pay yourself FIRST.
- Create a Vision/Dream Board entailing what you want. This board can include cars, homes, vacation spots, interests, hobbies, spouse, children, etc.
- Create a Spending Plan. This is important so you can still enforce saving without feeling deprived from things you want. A spending plan can also allow you to see where you need to cut expenses.
Try these steps and I am sure you will be well on your way of Sharing, Saving, and Spending while Ballin’ on a Budget!
