It is that time of year when everyone is setting New Year's resolutions, goals for the coming year, or fondly dreaming of a new beginning. As I was looking at all of the financial resources available that I could share with you, I realized that during this time of increasing hope for a brighter tomorrow there is no better time to get "Back to the Basics." So, that’s what I’m going to do, drawing on the mantra heard throughout our credit union which is to "Share, Save, and Spend Smart Too!" This is so basic it is the foundation of our kid's club “The Money Mammals." There is no better time to start with a solid foundation than today. So, let's talk about what "Share, Save, and Spend Smart Too!" means to all of us.
Share - You might be thinking that there is no way possible to share because you can barely make it on what you have. However; I have seen over and over again how looking beyond your own personal challenges to the challenges of others can lead to even greater blessings for yourself. There are so many low or no-cost ways that you can share. Visiting an elderly person, who doesn't have family close by, or stopping by and giving a single Mom a break by watching her kids so that she can have some time to herself, it might that simple! There are so many ways to do small things that can have a HUGE impact on the lives of others. My experience is that these simple gifts are always repaid several times over with a renewed perspective of hope and personal satisfaction. (Note: If you find you have surplus financial resources to share check out this article on Brittany Miller and her battle to obtain a prosthetic leg to replace the leg she lost due to a battle with the flu.)
Save - There are so many resources offering tips on saving, but the most important thing you can do is to identify what you want to save for and how much you are willing to sacrifice to get it. Often, I have seen folks set big goals and then fail within the first few months. If you are not a regular saver, make your first saving plan simple. Also, make it important! I started saving to prepare for financial emergencies. Do you have money set aside for emergency auto repairs, or to replace the hot water heater when it goes out in the middle of winter? If not, that might be a great place to start. Or, if you had to borrow for Christmas this year maybe you can start saving for next December today... just think about how enjoyable January would be if you don't have to worry about paying off last Christmas. As a member of the credit union you can have a small amount taken out of your checking account each week or month and put into a dedicated savings account. Even if it is just $5 or $10 dollars, that amount will build within a couple of months to help make a dent in an emergency car or home repair. Saving is a discipline that is hard to start, but the results are so rewarding. That is why it is a basic part of our kid's program. Teaching that habit to our youngsters today will provide them a lifetime of financial freedom!
Spend Smart - I have mentioned in previous blogs (Begin with the end in mind) about how our family sits down each January or early February to identify the expenses that might arise and what we hope to accomplish financially in the coming year. I love the saying, "if you don't know where you are going... any road will get you there!" Our society is built upon creating demand for products and services which promotes impulse buying, a super highway to financial difficulty. So, determine what you want to do for the year and then how you are going to pay for it. Spending smart is simply making sure that what you are spending your money on is helping you achieve your goals. If you see something that is not on your goal list, but is a must have... then go home and sit down with your spouse or partner and look at your goals for the year. What are you willing to take off the list for this purchase? Take time to research whether the price/value justifies the purchase. After you have slept on it, determine if making the impulse purchase is as important as it was the day before. I can promise you that an informed purchase decision has a much greater chance of helping you achieve financial freedom than an impulse purchasing decision does.
While these are simple reminders, they serve as the foundation of a life of responsible decision making. You can choose to "plan" to succeed or just to "hope" to succeed. I can't promise that you will always accomplish your plan, but I can promise that you will be much farther ahead than if you had no plan at all. I will close with a suggestion... after you have had a chance to sit down and plan your objectives, make sure you write them down and keep them handy so that you can review them often. Then put these simple words, "Share, Save, and Spend Smart Too" on your refrigerator as a reminder. You will be surprised by the power that this simple phrase will have in your march towards financial independence.
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