Assuming you’ve read the first installment of the DailyWorth G.O.O.D. guide, you’ve started to live the debt-free life, or at least figuring out what that means.
Next step: Start saving.
Being in debt means you’re in danger of falling deeper into debt if any unexpected expenses crop up. So you need a small cushion of cash to prevent your debt from growing. More important, you need to build the habit of living on less than what you earn. Saving, even small amounts, will help you do that.
But how do you save when you’re already in debt and (obviously) having trouble managing your cashflow?
Let’s skip all the blah-blah about automatic transfers and so forth. You know that already.
What’s going to help you save?
Getting a BFB (a best financial buddy) to hold your hand. Naming your savings accounts. Studies show this helps you save more. Taking a quarter or a dollar or $10 out of your wallet right now, sticking it in an envelope and writing “My G.O.O.D. fund.”
So identify your BFB. Call her now. Tell her you need a specific get-out-of-debt savings account, but you’re too lazy or chicken or overworked or underpaid to do it alone—and can she help you?
Then, tell us how you’re doing.
Tell all. How is the get-out-of-debt process going for you?
photo source: juliebcreative's shop on etsy
The G.O.O.D. Secret—Save Comments
- By MP Dunleavey
- January 26, 2011
Tagged in: Saving