WHY AND HOW TO SAVE?
: USING MY ABC FINANCIAL COACH BUDGET  PLAN

 

Some of us may remember the money box where we regularly slid coins and notes in the top and did not have the key that opened the bottom. The only way we could find out what we had in the box was to go to the bank and deposit the entire contents into our savings account. The thought of a money box without access to the key seems antiquated in our world of revolving credit limits, ATMs and credit cards.

 

However the best way of saving and building your wealth is to regularly add as much as possible to a savings account that you can’t access no matter how important you consider your spending priority. Today you have easy access to many ways to spend and to withdraw cash. By using the My ABC Financial Coach methods you will be encouraged to buy the necessities of life and throw away the key to your savings account.  

 

Many consider that you can’t live an enjoyable life without the pleasures that we access from visiting retail merchants. We enjoy trips to shopping centres and meeting up with friends in the climatic controlled atmosphere. The hunting and gathering part of our personalities has been conditioned over many years to be satisfied by selecting and buying merchandise.

 

We recommend adopting the MyABC Financial Coach BUDGET PLAN and follow these 6 steps to saving and building your wealth:

1.       Understand the difference between your needs and wants

2.       Deposit at least 10% of your income before you see your weekly pay cheque into an account that you can’t access

3.       Always pay your debts promptly and ensure your credit card never has a balance outstanding after due date.

4.       Avoid food waste by buying after eating, from a list compiled after checking your pantry and viewing the latest special supermarket prices.

5.       Be proud that you are saving the planet by shopping infrequently only for essentials.

6.       Develop low cost habits that you find enjoyable.

 

If you follow this process for a few years your decisions will then start revolving around what shall I do with my money rather than asking why do I have nothing.

 

“Whether you think you can, or that you can’t, you are usually right” Henry Ford