A New Year Saving I hope that you have had a good 2011, if you didn't, hang in there you have just about made it! Start planning your 2012 by downloading a goal setting sheet or budget. If you don't have any financial goals set for this year let me give you a little help. Why don't we start saving, for purchases and emergencies. The hardest thing for me to do in making my budget is paying myself (saving). Something always comes up that I, want or need to spend that money I wanted and needed to save. Lets all try this in the new year, determine how much you want to have in savings by this time next year and calculate how much you need to save a month to get there. When you get paid, pay your necessities and yourself first, because if you don't do it right off, you might need a new fishing pole or outfit when it starts to warm up. If you don't know how much you should have, excluding retirement, ( I will deal with that later this year) use this rule of thumb. For a mini emergency fund I recommend 1000.00, if you make 20000.00 or under you may try for just 500.00. You may think that is a little amount but, you should work on your non- mortgage debt after you get your mini emergency fund. Once you are ready to begin fully funding your emergency fund I recommend 3-6 months of monthly living expenses. Once you have that met then go to work on retirement. Don't get so focused on the end amount that you miss the small weekly and monthly deposits that can easily slip away if you get discouraged. Saving is best done little by little, because you appreciate and value more if you have more time and energy invested in the effort. If you get it easy it has little value to you. When your work hard and it takes a little time, you are less likely to buy that new thingy with the money. I know because I have wasted more that enough of what I have had. If you don't know how you are going to get the savings started off, sell some stuff you bought with the money you should have been saving! Pick up some extra work anywhere you can get it. What ever the amount is that you want to save, set your goal and start doing what you need to do to get there. Yes you will have set backs, just use them to learn and to get re-focused. Let me know if you have any questions or need any help. Tim West Go West Coaching 12-29-11