Every Little Bit Helps
The following is an excerpt of David’s interview in Top Coaching Techniques.
Ingrid: It’s hard sometimes, especially if you have a young family. The needs of family, and perhaps the families of other people, make it difficult to even save a little bit. Can a little bit help?
David: It can make a big difference. Saving $50 a week, instead of using $200 to go out, can change your outlook. Start with saving, so it is a practice. Most people pay all sorts of expenses and say, ‘I’ll save whatever is left over.’ Do not try this at home. Your expenses will always expand to your income. Pick a goal, work out how much you need, and set a savings target. Then slash out expenses. First put in bank, and then live on the rest. Play a game called ‘How to Live on the Rest’.
Client: That’s like turning your savings on its head though.
David: It is. Right. ‘Pay yourself first’, I read once in a book. Put it directly into a bank account. It can be painful to slash expenses, but when you’ve been putting $200 in the bank, and this is what we have to live on, it becomes a game.
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