Do you have debts that feel hopeless? Do you neglect having a savings account because you don't have any money at the end of the month to make it even worth your while? If this is you, I want you to look at the following quote:
The greatest of all mistakes is to do nothing because you can only do a little. Do what you can. - Sydney SmithLet's look at this quote now in the light of our personal finances. Many people I talk to don't pay extra on their credit card debts or don't start a savings program because they feel they don't have enough to contribute that would make a difference. But I want to challenge that thought process. Doing a little has a much greater impact on your finances than just the elimination or accumulation of some dollars and cents on an existing bill or savings account.
For example, if you have no savings account for a rainy day, it is important for you to start one. The first step is to set a goal that you are going to create a savings account. The next step is to determine how much money you can contribute each day, week or month. Now here is where many people suddenly give up. If they only find $5 a week to spare or some other small amount, they do nothing. This is a big mistake.
Here's the catch! The amount is NOT the issue. The action of doing is! Have you ever thought of the ramifications that such an action might lead to? No matter the amount you set aside each week, the fact that you do set something aside begins to form a habit. It is the habit of saving on a regular basis. It is also a great starting point for bigger and better things. If you can save $5 a week this month, what can you save next month or even next year?
Also, the habit of spending money will take on new meaning. No longer will $5 be a meaningless purchase to you that previously was so quickly and frivolously spent without thought. You will be more conscientious when you spend and on what you spend your money.
This practice will also improve your self-discipline. Paying yourself before you pay all your bills and other expenses (that will always be there) will give you control over your money that you probably have never known. It will give you greater self-confidence that even though the amount is small, you are taking positive action. This establishes a valuable trait, which supports the simple money management theory of living below your means.
So if you find yourself with more month than money and no savings discipline, I encourage you to start today. Go get $5 from your ATM and make a deposit to your new savings account. Mark this appointment on the calendar every week for the rest of the year. Never miss the opportunity to develop and support this rewarding habit, no matter the amount. Just do what you can! But do it!
Doris Dobkins is a money saving expert, author and speaker and has helped thousands of people find ways to save money and get out of debt.
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