Change Your Financial Situation with These 6 Steps

Best practice is about leveraging what other people have done, and using it to improve your own situation.

Below are six ideas to think about when saving:

  1. Start Small – Rather than trying to save an unattainable amount each month that will prevent you from meeting your financial obligations, begin with a more manageable amount based on your current income level. For some, this may be as little as $10, while others can justify $100, each pay period.
  2. Automate Your Savings – Some people automatically save 10% of what they earn, while others use 20% to reach their savings goals sooner. The key is to pick an amount that works for you and have it automatically deducted from each paycheck and deposited into a separate savings account.
  3. Open An Account for Different Savings Goals – You might find it helpful to open separate accounts for vacation, holiday, or education savings. Talk to or research banks and credit union products that feature special rates for specialized savings. For example, some institutions have Rainy Day savings accounts with higher interest rates if you automatically save a certain amount per month.
  4. Get Advice from Others – If you have had trouble saving in the past, take advice from someone who is a good saver. This can include talking with peers or listening to podcasts or presentations by those who have proven ideas on how to save.
  5. Make it Real – No process is truly complete until it shows tangible results. Set yourself a target to save so much in a specific amount of time, and then track it daily, weekly or monthly to see how close you are getting to your goal. One of the best ways to make it real is to share your goal with a trusted financial advisor, friend, or family member. If someone is helping you be accountable the chances you will stay on track.
  6. Practice Makes Perfect. Sometime practicing can be fun. Allison and Liz shot this video during their MFF internship in 2019. In 2020 Allison started her own business upselling second hand clothing called AL’s Articles.

A Journey to Personal Financial Success

At Morgan Franklin Fellowship (MFF), we support the concept of financial freedom – by teaching participants how to save by paying themselves first, invest for their future and grow their net worth.

Learning how money works and how to talk about money with others are the first steps towards recognizing an individual’s lifelong financial goals. Our online programs, podcasts, blogs, and book reviews and resources are designed to help you learn the concepts, rules and vocabulary of money, finance and investing.

Becoming an MFF Fellow

Our Standards of Financial LiteracyLearning about money series is engaging, full of interesting information, and easy to navigate. Adapted from the National Standards for Personal Financial Education developed by the Council for Economic Education (CEE), this robust curriculum features six short lessons on such important topics as earning income, understanding the value of saving and using credit. When completed, this program lays the foundation for becoming an MFF Fellow.

Becoming an MFF Fellow is the ticket to access additional MFF programs and opportunities for mentoring, networking, internships and real-world opportunities. Hear from the MFF Fellow themselves on how these opportunities encourage them to continue their journey to personal financial success.

Learn More about Money

Begin the journey towards personal financial independence today. START LEARNING TODAY

Like this article?

Share on Facebook
Share on Twitter
Share on Linkdin
Share on Pinterest