Tips To Save Money During Recession - Tip#6 - 8

Tip#6 - What Matters To You

Make a list of the 10 most important things in your life. Next, rank each of the item in accordance to its importance to you from 1 to 10. The purpose of this exercise is helping you to identify the most and least important things and the reason why you need to save. You need to find out the "What", only then the "How" can follow through.

Some of the examples of this important things that a person might want can be a new home, car, a special family trip, starting a business, or pay off your debts which is burdensome.

Tip#7 - Goal Setting

Next, break your goals into short-term, intermediate term and long-term. Being able to see your accomplishments is a great motivator for you to work hard at saving. If you set a short-term goal of saving for tickets to your favorite concert and reach that goal, you will be encouraged to keep saving for the intermediate and long-term goals.

Tip#8 - Written Plan

When a person goes into business, they work out a business plan which becomes the blueprint of their business. The same can apply to saving money. Work out a written plan that the entire family can get involved with and learn their role. When you start to spend too much, go back and look at your saving plan to identify where are you messing up and how can you and family fix it.

More saving tips for the written plan will be shared in the next posts...

Stay tune...