How Much Have You Saved So Far This Year?
How much have you saved so far this year? This is the sixth month of the year and I am not in doubt that you are aware of this. So, why do I need to remind you again? This is just to let you know that this year 2018 is running fast. Just about five months ago, everyone was exchanging Happy New Year greetings. But the year is no longer new anymore.
Many people usually like to come up with New Year resolutions. Some may want to break certain habits that they don’t like. Some may want to do new things while some may want to build on the achievements they had in the previous year. So, may be it is time for you to remind yourself of your goals for the year.
In one of my articles, I mentioned that you need to have at least three savings accounts namely emergency savings account, retirement savings account and major purchase account. These three accounts are very important and they serve different purposes. For instance, you need to save adequate money in your emergency savings accounts that you can use to pay certain bills which are outside your recurring monthly expenses. Experts suggest that everyone should have amount that can take care of minimum of between three and six months living expenses. So, if this is one of your plan for the year, I will like to ask you, how much have you saved so far this year.
Read Also: 3 Savings Accounts Everyone Must Have
If you are falling behind your plan, you still have the month of June to make up the shortfall before the half year is completed. If you have missed one month, you can decide to double your monthly savings in this month of June. This will make you meet your target for the half year. Don’t push the deficiency into the second half of the year. It is actually better to exceed your plan in the first half of the year than to expect magic in the second year. The reason is that, expenses are usually higher in the second half of the year. So, this is a wake-up call to you to buckle up. With determination, that goal is achievable. One of the cheapest way to ensure you achieve your planned savings for the year is by cutting down your expenses. Try this, you will see how cheap it is actually possible. Let me conclude with Lance Armstrong quote: “Anything is possible. You can be told that you have a 90-percent chance or a 50-percent chance or a 1-percent chance, but you have to believe, and you have to fight.”