People don't plan to fail.
They fail to plan.

How do I save for my first Car?

We live in an instant society, with instant credit.  What happens if you don’t have that instant credit?  Does that mean you’ll never have the things you want?  Not at all, it only means you have to go about reaching your dreams and goals with a different approach. 

I promise I’ll never use this phrase again…but…when I was your age, we don’t have instant credit.  My parents worked, saved and than bought what they wanted or needed.  Lending has only been around for that past 40 years or so. 

So how do you accumulate money?  There are several things you can do now to make the goal or dream reality.

• Have a job. Part time while in school and full time in the summer if possible.
  Sell items you no longer need or want.
• Check around in our neighborhood to see if there’s a need for pet-sitting, baby-sitting, elder-sitting, mowing lawns, etc. 
• Working for your parents: There’s always something to be done around the home, painting, yard work, cleaning, etc.  Ask your parents or someone you trust if there are any odd jobs that you can do.

One of the most important things about personal financial planning it to “Pay Yourself First”:  Start with 10% of all you earn.  Whenever you receive money, whether from your job, a gift or what ever, take your 10% out immediately before spending any money. 

Here are a few suggestions to help you get started;If possible, don’t carry much cash. Set a limit of $20.

If you find yourself using your debit card too often, try leaving it at home.  If that doesn’t work, put card in a zip lock baggie, fill baggie with water and place in the freezer. When you want to use the card you have to wait until it defrosts naturally. Using the microwave to hurry it along will ruin your card.

Never spend your coin.  When you buy something and there is change due back, don’t spend it, save it.  You’ll be surprised how quickly it will grow.

When considering a major purchase, wait a few days.  This will help make sure you still want the item.  Set up an automatic withdraw from your bank account into a separate savings account.

Follow the 10% rule.  10% of all I earn is mine.

If you have financial questions which need answering, kindly send them to This e-mail address is being protected from spam bots, you need JavaScript enabled to view it attention Maureen and she’ll answer your questions!