that are impossible to meet will
only leave you feeling discouraged
and defeated. Don’t beat yourself
up when you stumble. Learn
from your mistakes and keep
at it. Also, leave a percentage of
your budget for the “fun” stuff
(but don’t exceed that number).
4.
Connect the dots. Forgoing
certain purchases might feel like a
sacrifice, but keep it in perspective:
You’re on the path to something
bigger. Whether you want to
retire debt, save for a vacation,
boost your rainy-day fund or
simply stay in the black each pay
cycle, all of these are noble goals.
Focus on what’s important by
connecting the dots to how small
savings decisions can really add up.
5. Strive to save. When formulating
a budget, you need to account for
monthly costs such as utilities,
rent/mortgage, gas, groceries
and insurance. In the same way,
make sure to set aside a recurring
“payment” to your savings account.
To start, don’t put too much
emphasis on how much you should
save – the main thing is to get
into the habit of not immediately
spending every dollar you earn.
6. Fund the full match. If your
employer offers a 401(k) match
but you don’t contribute your full
amount, fix that right away. Let’s
say you earn $50,000 a year and
your company offers a 6 percent
match. If you’re only contributing
3 percent, your retirement fund
is losing out on $1,500 annually.
Don’t leave money on the table.
Jessica Ludvigsen is senior vice
president of retail banking
at Maitland-based Axiom
Bank. She can be reached at
[email protected]
or 321-972-3971.
AUGUST 2018
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WINTER GARDEN MAGAZINE |
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