Erase Debt and Build Wealth On $5 Per Week
We are all looking for new and easy ways to save money and build an emergency fund or a little cash cushion.
Here is how to Erase Debt and Build Wealth On $5 Per Week.
After you have been budgeting for a while you will start to see areas in your budget where you have over estimated how much money you need for a specific category.
For example, you may discover at the end of the month that you have a few extra dollars left over that you did not spend in your grocery fund.
The next month, budget the same amount of money for your grocery category.
But when you get your first paycheck that month, take $5 from that fund and stick it somewhere away from the rest of your money.
Place it in an envelope marked "Other.
" Or stick it in a drawer somewhere.
But remove the $5 and forget about it.
The following week repeat the process.
You may take it from the grocery money again or you may find another category to take it from.
For me, by the end of the month, I find I have left over money in the gasoline money I have budgeted for our cars.
This may be one area you find the $5.
Or for you it may be clothing, restaurant money, lunch money, or the infamous "miscellaneous" category.
But the goal is to find $5 each and every week, remove it from the rest of your money, save it, and forget about it.
If you do this for one year, every week, that is 52 weeks.
And you will have $260 saved up.
You can put that towards your emergency fund.
Or just keep in on the side in case you need it for something else.
Granted you are not going to get rich on $5 per week or $260 dollars per year.
But it will start to train your brain to save.
And it is just a small step on the way to saving more.
If previously you had been living paycheck to paycheck then how good will it feel to have some real cash saved up doing nothing but sitting there just in case you needed it.
If you can swing it the following year, up your weekly contribution to savings to $25 per week.
Now you are looking at a total of $1300 at the end of the year.
Or how about $100 per week and $5200 in a year.
That would be a substantial chunk of your goal of a fully funded emergency fund of 3 to 6 months of expenses.
Commit to saving $5 per week (or whatever you can afford), every week, save it, erase debt, and build some wealth.
Here is how to Erase Debt and Build Wealth On $5 Per Week.
After you have been budgeting for a while you will start to see areas in your budget where you have over estimated how much money you need for a specific category.
For example, you may discover at the end of the month that you have a few extra dollars left over that you did not spend in your grocery fund.
The next month, budget the same amount of money for your grocery category.
But when you get your first paycheck that month, take $5 from that fund and stick it somewhere away from the rest of your money.
Place it in an envelope marked "Other.
" Or stick it in a drawer somewhere.
But remove the $5 and forget about it.
The following week repeat the process.
You may take it from the grocery money again or you may find another category to take it from.
For me, by the end of the month, I find I have left over money in the gasoline money I have budgeted for our cars.
This may be one area you find the $5.
Or for you it may be clothing, restaurant money, lunch money, or the infamous "miscellaneous" category.
But the goal is to find $5 each and every week, remove it from the rest of your money, save it, and forget about it.
If you do this for one year, every week, that is 52 weeks.
And you will have $260 saved up.
You can put that towards your emergency fund.
Or just keep in on the side in case you need it for something else.
Granted you are not going to get rich on $5 per week or $260 dollars per year.
But it will start to train your brain to save.
And it is just a small step on the way to saving more.
If previously you had been living paycheck to paycheck then how good will it feel to have some real cash saved up doing nothing but sitting there just in case you needed it.
If you can swing it the following year, up your weekly contribution to savings to $25 per week.
Now you are looking at a total of $1300 at the end of the year.
Or how about $100 per week and $5200 in a year.
That would be a substantial chunk of your goal of a fully funded emergency fund of 3 to 6 months of expenses.
Commit to saving $5 per week (or whatever you can afford), every week, save it, erase debt, and build some wealth.
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