Welcome to another series here on the wildly popular I Was Broke. Now I’m Not. website. We’re passionate about helping YOU win with your money. In this series, we are going to be talking about a practical, step-by-step plan that you can use to take your finances to the stratosphere!
How To Win With Money
2. Save money (Build a wall of protection) – Start with a goal of $2,500
I’ve seen nothing provide greater confidence to a leader than having financial margin. Money in the bank provides a person with the ability to take risks, pursue opportunities, fund dreams, and encounter obstacles. Without savings, a person will always be at risk of financial catastrophe. Any occurrence of a multitude of potential financial challenges could cause financial collapse – vehicle breakdown, air conditioning unit failure, replacing an appliance, and medical bills all seem to be attracted to people who have failed to save money.
If you want to truly win with money, you must prioritize saving money.
Saved money allows you to prevent future debt. This allows you to confidently turn your focus to eliminating any existing debt you may have.
A beginning goal of $2,500 will allow you to pay cash for most financial challenges you could potentially face such as an emergency trip out of town, replacing an appliance, or repairing the car.
Here are some ways to quickly achieve this goal:
- Sell something
- Use your tax refund
- Take a 2nd job and commit to depositing all of the extra money into savings
- Eliminate an “extra” or several “extras” from your monthly budget
- Use our “next steps – money saving ideas” page to find ways to save money
Read the entire series (available after 4/20/2013)