At first glance, $100,000 might seem like a big amount that is impossible to achieve and save. But, the good news is that it is not. As long as you got the discipline and a smart strategy in place, learning how to save your first $100,000 can be as easy as 1-2-3.
It All Begins with Your Mindset
Training your mind is often the most difficult step in the process of saving your first-ever $100,000. It is important that you are one with your goals. To do this, write down all of them on sticky notes that you can put around your house. It will serve as your motivation to stick to your goals so it will hurt less if you sacrifice your favorite pastries just so you can save some money.
Start Small
Nothing good will come out of setting large goals and making several major sacrifices in all aspects of your life. It will only lead to failure if you aren’t too careful. It takes 21 days or more to start forming a new habit. You have to be patient enough with yourself. Don’t punish yourself if you give in to the temptation of your daily cup of Iced Americano.
It might take some time before the new habit sticks with you. Start with habits that you could change and follow for several weeks. The initial change will make you feel excited enough and serve as your motivation. After that, you can start adding more habits, such as setting spare change in a jar, bringing pack lunch to work, or buying only food on sale.
Track Your Budget
If you are really serious about saving $100,000, you need to deal with that much-dreaded word, none other than budget. However, it is not enough that you just create a budget. You need to keep close track of every dollar you spend down to the last penny. There are software programs that can help you with this or you can also use a spreadsheet that you update several times weekly.
Record everything, whether you pay with cash or a credit card. Check every category after 3 months. Pay extra attention to categories with overspending and think of a way to change it. Once again, start with small changes. Think of the reasons why you overspend in a certain category and make some small changes to enjoy big results.
Learn to Say No When Shopping
Being a careful shopper is one of the easiest ways to save your first $100,000. In this modern world filled with instant gratification, everyone is guilty of buying unnecessary stuff. Before getting that must-have little black dress or getting that latest gadget, step back first and sleep on it if possible. If you wake up the next morning and you still feel that you need that item, go ahead and buy it. But, there is a big chance that you will have a change of heart or even completely forget about it.
Saving $100,000 is not impossible or hard at all. It may take dedication and patience but one thing is for sure – it is very much possible.