Why You Need a Smart and Simple Savings Strategy

Small Business Savings StrategiesSavings is simply setting aside a portion of every dollar that you earn. It can be difficult to keep the momentum going if you don’t have a vision. That’s why it’s important to have a clear intention. When you have a specific goal in mind, it helps you stick to your plan after you get started.

My mother began teaching me to save when I was around six years old. By that time, I had learned to write my name and was pretty good at adding and subtracting. She’d take me to the bank with her on pay day and hand me the deposit slip to fill out. This happened, without fail, every two weeks until I started high school. It became one of our mother-daughter rituals and, as an adult, it remains a life lesson that I’ll never forget.

There’s so many goals that a person can save for in their personal life and as a business owner. For example, one of the most common savings goals is an emergency fund. That’s where you’ll begin saving for a rainy day. Yes, emergencies can, and will, pop up but that’s just one target to aim for. In your personal life there may be savings for children’s college tuition, family vacations, and your retirement years. But there’s also savings goals for business.

My friend, Jaz, is an administrator at a middle school who aspires to start her own business within the next two years. She’s considering a path as a life coach to women who have been overlooked in their teaching career. Her vision is to equip them to be the candidate whose resume makes it to the top of the pile and gets promoted. She has plans to travel the world speaking and hosting conferences. So she’s putting money away now so that she can pay for classes and coaching certification. Jaz also is positioning to be ready when speaking opportunities show up.

By writing down your savings goals, they will become real. It’s nothing magical. It’s because you’ll see, not just mentally visualize, your savings target. Having it on paper (chalkboard or any way that you can see it in the physical sense) allows you to take practical action steps towards your number. When you’re clear on the amount and know why it’s important, then you can plan and start working towards it.

Savings is just that simple. Rather than a big goal overwhelm you, break it down into smaller, bite-sized chunks instead. That’s what my mother was doing when she took me to the bank. She was patiently and consistently saving towards a new car and upgrades to our home little by little. You need only make one step a time and before you know it, you’ll see your savings grow, too. Then you’ll look up and like many others before you, you’ll be walking around in your vision.

Think about your vision and mission. What is one savings goal that you can work toward in your business?

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s