The Secrets To Saving With Dominique Broadway (VIDEO)
Hi, I’m Dominique Broadway, award-winning financial planner, personal finance expert and the founder of Finances Demystified and I am here today with Blackdoctor.org to give you four things, four, that you can do to actually reach your savings goals.
OK, first things first you’re going to want to create a budget. You have to create a budget because your budget is going to tell you exactly how much money you can afford to spend but also how much money you can afford to save.
The next thing Want to do is actually create or set a savings goal. So you want to create 2 goals. The first goal is a larger goal. This could be 5000, 10,000, 15,000 or something of that nature. Then I want you to set a smaller goal.
The smaller goal is going to help you see that you’re making progress toward your bigger goal. So the smaller gold can be 500, 1000, something of that nature. Something that every time you hit it you can pat yourself on the back and say job well done now onto the next goal.
Now that you have your savings goal set, the next thing you’re going to want to do is automate your savings. If you have to manually put the money inside to save, most people just don’t do it. So make sure that you’re going to your bank’s website or app and setting it up so this happens automatically either weekly or biweekly or whenever you get paid but it has to be automatic. Now the last thing that I want to do is not over save.
I’m sure you’ve probably never heard of this term before, but essentially over saving is when you’re saving so much money or more money then you can afford to save and you are literally transferring it right back to your checking account a lot of times within 24 hours.
Essentially you’re saving nothing. So you’re saving so much money that you’re not saving anything at all. And that’s why you want to make sure you do point one and have a budget to make sure you know exactly how much you can afford to save on a monthly basis. So you’ll take these 4 quick tips and get closer to reaching your savings goals.