Building Solid Financial Habits – Saving Part Two There are a myriad of savings tools available to savers; however, the ability to select a savings method best suited to you is the crucial element. What is the process for deciding what is right for you? How much research should you perform before making a decision on what to invest? What are the savings accumulation goals that you have set for yourself? These are all important questions to answer. I likened this section to the preliminary fact finding stage in my accumulation projects. 

Once you determine what your capital accumulation goals are, you can then mentally wrap your head around the projected time/journey required to make it to the finish line. My next step in the process is the determination of the budget amount I am able to save on a monthly basis. If you recall from one of my earlier blogs, a simple cash flow spreadsheet will provide the amount of undirected discretionary income. A portion of the undirected discretionary income can be allocated toward your capital accumulation goals. This is another important element in the process.

At this juncture, the discipline to maintain your savings goal is simply up to you. No one can do it for you. You have to pilot this journey on your own. Again, I am referring back to another previous blog where I talked about "mental discipline" and "toughness."  It is interesting even to me, that these concepts tend to circle back into my conversation. We must continue to believe that disciplined monthly incremental savings is the right way to succeed.

Personally, I believe this to be true however arduous things may get in my own personal financial situation. Another interesting facet is I am counseling myself as I write this blog. By and large, there is a significant amount of the U.S. population who have similar if not the same exact challenges as I do. I have greatly reduced my credit card debt down to virtually nothing and have honed in on minimizing expenses whenever possible. Yet, I find it difficult to increase my incremental savings amount sometimes. Frankly, I can admit this is a good challenge to have because it indirectly means I have a decent paying job that provides income to my household.

Nonetheless, as a person in my fifties, I am concerned about having enough saved for my golden years. I believe my dedicated and disciplined attitude toward financial wellness will prevail. In addition, I keep the idea that the journey to financial wellness is not supposed to be easy and carefree. I know things get better with time but occasionally, I too would like the process to speed up.

All in all, I am a simple person with basic desire to do the right thing in all aspects of my professional and personal life. I am confident the age-old principle of "Slow and Steady Wins the Race" is the absolute right methodology. I believe it applies to many others in similar situations; however, I am a strong believer that it is perfect for me. Time and experience will be my judge.

Joe Thompson, CareOne Debt Management Plan Graduate and Blogger for CareOne Services, Inc. Joe Thompson

Joe Thompson has been a Debt Management Plan (DMP) customer with CareOne Debt Relief Services since September 2008 and recently graduated to become debt-free!! Joe Thompson is active in many non-profit areas including; acting as Site Director for I.S. 8 NIKE Youth Basketball and has served as a mentor to many young inner city youths. As a hobby, Joe is a high school and college basketball referee in the New Jersey tri state area. Having officially completed the Debt Management Plan, Joe Thompson is excited to share what his experience on the DMP was like as well as what made his experience a successful one. Look for more posts under the My Journey out of Debt blog. Compensated CareOne Debt Relief Services Blogger.