Part 8: Track Your Results
All throughout this money saving journey you want to keep this process as organized and structured as possible. You'll find that a lack of organization will not only frustrate and make things more difficult for you, but it will be nearly impossible to track your results.
Tracking your results is one of the MOST important steps to the money saving process. If you do not track the results from your money saving efforts, the money you save will never be set aside and put towards your pre-established GOAL.
Believe me, I know how difficult it can be after researching and implementing money saving techniques to take additional time to track your results, but this is your "bread and butter"; the whole reason you're budgeting and conserving.
How will you ever accomplish your goal if you aren't tracking how much money you're saving? You won't, and more than likely you'll end up spending the money you were able to save.
If there is one idea you take from this last section, remember that tracking your results allows you to get an exact dollar amount that has been physically set apart from your regular checking and savings accounts designated solely toward your predetermined goal.
Since it will be much easier for this process, and your conscious, it is recommended that you open a special savings account just for the money you save.
With this "special" savings account, you can easily tell how much you have saved by simply looking at your monthly statement. This account will also help prevent you from accidentally spending the money since it is not directly linked to your regular checking or savings accounts.
*Suggestion: do not get an ATM card linked to this account so again, you won't be able to simply withdraw money and spend it needlessly. Be firm and only spend the money on your GOAL.
Of course you can always keep the money in a shoe box under the bed, but think how easy it would be for you to simply reach in that box and spend that money. With a special savings account, not only will you treat this money with more respect, but you will also get a monthly bank statement you can use to help track your results.
*Note: make sure you sign up for a free savings or checking account devoid of monthly fees regardless of the amount you maintain. Check with the different banks in your area for the most accommodating
Final Thought
You now have in your possession eight steps to effectively combat the money saving process. Your success is entirely up to you and how devoted you are to this task. If you dedicate yourself wholeheartedly and refuse to accept defeat you will achieve your goal(s).
by Gregory Thomas
Editor: www.SavingSecrets.com
© 1998-2003 www.SavingSecrets.com
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