The savings goal...
Several of you have asked me to explain my savings goal that we hit in 2010. My goal was to save 25% of our income. We ended up saving 35%! This was all done by having a plan, saying NO to unnecessary things, sticking to our budget and being creative. We still did many fun things including: island vacation, several little trips over the summer, a weekend retreat this fall and traveled to a BIG 12 football game. We were able to do those things because we did not over spend on our groceries, eating out or anything else that was not in our budget. If a bill was less than we budgeted for (praise God!), we would not go out and spend that money. Instead we would put that extra money straight into savings. Putting the money into savings at the start of the month (or whenever you get paid) is KEY! If you wait until the end, it won't be there (as we all know too well). It is the same as tithing, you give your tithe first and then live on the rest.
In 2011 our goal is to save 25% again. We refinanced our home to a 10 year mortgage, which made our payment go up considerably. So, I'm going to be happy with the 25% saved in 2011.
Stop for a moment and think about how much 25% of your income would be. Think about what you could do to achieve financial FREEDOM in 2011 if you were able to save it! Many of you could pay off all of your debt, pay CASH for a car, pay off student loans, pay off medical bills, create a true 6-9 month emergency fund, take a vacation, etc. One year could change your entire financial forecast!
January is a perfect month to get started. You can do it! If you think 25% is out of the question, aim for 15% or even 5%. I encourage you to aim high. Set your goals high. Great success takes great determination and discipline. If you cut out some of the extras, I promise you will be able to save and reach your goal in 2011! I can't wait to hear about your success!
Have a blessed weekend Sassy Savers!