Transform Your Spending Problem Vol 4
Your Spending is aligned with your dreams and you are on fire.
your final moves (for now)
Have you done all the moves the past 3 weeks? If you want change but have yet to take action, you need to schedule an appointment with me so I can get you where you want to be and you stop delaying and denying your dreams.
If you have done all the things, here are your last two steps:
#4: Open a dream savings account
The #1 dream you picked in step #1 needs its own savings account. Title your savings account to align with what you are working towards.
For example, when my husband and I were saving for a down payment on a house, we titled the savings account 4 Bedrooms & Half Acre because that is what we wanted.
This savings account needs to be at High Yield Savings Account (HYSA) so you are earning interest each month and getting magically closer to your goal without doing anything. For us, this has been between $700 in free money when interest rates were lower in 2020 and $5,600 in free money when interest rates hit their high in 2023.
If you want to learn more about High Yield Savings Accounts and see my reviews of the top accounts, take my class Financially Empowered or just buy the savings unit.
You can have as many savings accounts as you want. I have about 10 and each one is titled with the savings goal. These range from saving for Christmas to travel to beefing up our emergency savings account.
#5: Automate transfers to your savings account
Now it is time to work your budget and free up some money towards your dream. Can you put $20? $50? $100? towards making this dream a reality? Where can you cut unnecessary spending to bring your dreams to life? It is time to start working your budget and making some spending changes to align with your dreams.
Finally, automate this transfer from checking to your new savings account.
This transfer can occur every week, two weeks, month, etc. You decide the day that works best for you. I have mine transfer the day after payday.
Automation is key to realizing your dreams because you don't have to remember to make it happen. Technology executes your plan without your effort. The only effort you have to make is to use your budget and make sure your spending is aligning with the allowances you set so there is money to transfer to savings.
Volia! From bad with spending to bad ass with your money.
If you are not feeling confident with your money, please reach out. Take my class (see below) or work with me one-on-one.
Disclaimer: I am an educator, not your personal financial advisor. Please make sure to do your own research before moving forward with any actions discussed in this blog post.
Know that all investments involve some form of risk and there is no guarantee that you will be successful in making, saving, or investing money; nor is there any guarantee that you won't experience any loss when investing. Always remember to make smart decisions and do your own research!