The season of love is floating strongly
through the air.
We know, we know. There is the need to
give out gifts, take loved ones out to dinner, you know do something really
special as an expression of love and that is all understood and fair. These
things should be done but did you make a plan for it ahead of time? Something
like a sinking fund, maybe? Otherwise don't tell me that the inevitable expenses will
be coming right out of your savings or upkeep for the month! If that is the
case then we really need to talk because there is a problem!
Yes, we do have a problem! Until you come
to that place in your life where you can make expenses easily and readily
without going into debts of some sort and without even thinking about it, we
have to dedicatedly plan for every single expense. In fact, until planning
becomes a complete part of your lifestyle, you might never ever really become
financially free and I am positive that financial freedom is not what we want
to ignore or joke with.
It is really a very good thing to show
that we care for our loved ones but we must apply some sense to it all. Don't burst your budget in a bid to show your loved ones that you care for them. Actually events such as Christmas, St Valentine's Day and Easter to mention a
few, are unchanging events that almost all having fixed dates or when not fixed
dates, fixed periods in every year. This should make it very easy for everyone
to make them enjoyable occasions without losing sleep, if only we could plan
ahead for them.
Like I have said before, planning cannot
be overemphasized because that is one big key to gaining peace both financially
and otherwise. So if you want that dream of a dinner for two, a bouquet of
flowers and chocolates and/or Mr Teddy or whatever fancy thoughts you nurse, you can really
make your dream good if you did something about it well ahead of time.
Last year I gave a hint on how I plan for my Christmas by having a sinking fund account tagged Christmas savings.
What I do is to automate that particular savings. I simply instruct my bank
to automatically transfer the specified amount each month from my checking
account to a savings account in an entirely different bank savings account so
that it is completely out of the way and inaccessible. Yes, automated savings (though
not all types) are usually inaccessible for a specified period of time. At the start, I used a bank that had a free automated savings account within my actual savings account. I still use that because that is what opened me up to the world of savings. I am only now just exploring other options. Since I begin
that particular savings in January each year, I set it to deduct automatically
for eleven month (11) months so that by the end of November, I have available
cash to go Christmas shopping like a rich Diva. I focus that savings on Christmas shopping
because I already know that I will receive my Christmas bonus from work. My
intention is usually to take some of that Christmas bonus to use for the
Christmas season as well and then keep the balance in savings.
Now for those of you who probably do not
enjoy such bonuses from work, you can focus on just the savings for the season. Nothing wrong with that too. You can still have a great christmas planned out by just determining from before the start of the savings plan how much you would want to spend for christmas that year. This will help you know how much savings you need to make each month to reach that savings target.
I can tell you that I had a really good
time during the Christmas last year because of this type of planning ahead. You too can
do it!
Your Valentine’s Day celebration should
not be any different. The same idea is applicable to saving for Valentine's
Day, Easter and so on. Good thing is that you can automate several sinking
funds at the same or different time(s) for different duration so that you can start well ahead of 2020 for instance, for say Easter or St Valentine's Day or heck Christmas 2020 savings! It takes nothing from you do to so. It actually makes saving much more easier than when the event is just around the corner. I know some banks are
acting smart by charging some money on each automated savings. The good news is
that there are banks who do not charge you anything to have these automated savings too. Yes I know that because I do not per anything to automate my savings. The only cost that might come up is the regular transfer charge which for my experience was lower than the normal charge as well. Use
those banks instead. I mean, why on earth would a bank make me pay just to save
my money and in my already existing account? I fail to see why.
Before you go automating your sinking funds
savings, do a bit of research to know which bank has the option to save free.
We are trying to build wealth and not squander money which the banks sadly can
help you do if you let them.
I already automated my required savings
since January of 2019. Have you done yours yet? There is no problem to have
begun saving for it months in advance too. I hope we can all celebrate St
Valentine’s Day in such a way that when we go to bed at the end of it all, we
will sleep soundly feeling fulfilled rather than stay awake making long plans
on how to pay back money spent on such a lovely occasion.
So what are you doing to celebrate Valentine's Day without breaking the bank?Celebrate like a king. This is wishing you a peaceful St
Valentine’s Day celebration. Happy Valentine!
