03 October 2012

The Top Seven Money-Saving Mistakes - Part 4

Is it possible to make mistakes in saving money? Unfortunately yes, it is. The good news is we can learn from the mistakes of others and apply them to our own situations. This is Part Three in the Finance Tip of the Day series covering the seven money saving mistakes.

Money Saving Mistake No. 4: Random Saving

It's good to have savings goals. It can be a mistake to save randomly. Goalless saving also makes dipping into your savings for frivolous reasons a bit too tempting. Goals help you keep your hands off the savings unless it's really necessary.

Some tips for goal setting:

Choose one thing you can do to help your family finances, and set a realistic goal.

Make your goals as specific as possible. Break large goals down into smaller, more achievable goals. Remember, from little things big things grow - accomplish the small goals one at a time and it will be easy to accomplish the big goal.

Write your goals down and put them where you will see them often - on the fridge or the bathroom mirror or on a business card in your purse.

Become accountable. Choose someone you can report to, this will help to keep you on track. If you have to tell them whether or not you are on track, you are more likely to stay focused. The Member forum is perfect for this.

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