One of the intentions I have which has been hard to implement has been saving for retirement… or just about anything else. As I’ve grown Jess LC, I find that the larger investments into marketing, product development, and inventory can drain cash quickly. So the idea of saving while I still have no real idea as to what I’ll make each month, leaves me confused and full of excuses.
Though I have managed to save chunks of money in the past, I do want to have a more regular saving strategy. And I finally think I’ve found the method that will work for me.
I now intend to automatically deposit $25 a week into my savings from my personal checking account.
In the past I had wanted to put $100/month into savings, but thought that there was a chance I would need the money for bills, and so I never took the step.
But here’s the thing. By putting $25/week, I will deposit a total of $1300 each year, which is $100 more than the original $100/month goal (which would only result in $1200/year).
The main thing I needed to recognize clearly in order to take this step is that I will still be able to withdraw money from my savings account, if needed. But at least my actions and habits reflect my goal to keep the money in savings.
Over time, I hope to increase the weekly deposit to lead to more significant savings. But until then, at least I’m starting where I am and continuing to move forward.