How to Use the SMarT Plan to Save Money
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When I ask people why they have no savings, their comment is nearly always along the lines of I never have any money left at the end of the month so how could I start saving.
There is always something that they “need” to spend money on.
So today I want to show one way to break this habit and start saving.
It is by adopting the Smart Plan.
So what is the Smart Plan?
SMarT stands for Save More Tomorrow plan
What is the Save More Tomorrow plan?
It is fairly simple – you commit today to save a portion of your next pay increase and / or bonus. That could be anywhere from 10 per cent to 100 per cent of your next pay increase and / or bonus.
If you can meet all your expenses from your current income, why do you need to spend all of any future wage increase or bonus you get?
So why not commit to saving a portion of your next pay increase and / or bonus?
So here is what I want you to do.
Firstly, write down now what percentage of your next pay increase and what percentage of your next bonus you want to save.
By writing these numbers down you have made a promise to yourself that you will put save this amount of money. Are you the sort of person who breaks promises?
For your future self I sure hope you keep your promise.
Secondly, I want you to have ready a new bank account which is your savings fund.
Once you get your next pay rise and / or bonus tell your pay office to automatically put these amounts of money directly into this account and the balance into your normal account. They should have no problem doing this.
Once you have done this you are on your way to having more money at the end of your month. Which is way better than having more month at the end of your money.
To help you improve the health of your wealth and increase your bank balance, I want to give you a FREE extract of my book.
This FREE extract contains the complete version of Chapter 1 of the book and an overview of the rest of the book showing you some of the most important things you can do to improve the health of your wealth and increase your bank balance TODAY.
Do you and your family a favour and start taking steps so you can avoid the poverty trap.
Wayne Wanders
The Wealth Navigator
wayne@avoidthepovertytrap.com.au
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