Maybe you’ve faced some financial hurdles in 2013. You might be wrestling with debt or perhaps you haven’t established an emergency fund yet. Perhaps initiating a retirement account, other than the one your employer contributes to, is still on your to-do list. Or maybe you’re fretting about setting up a college savings account as your child grows older each year.
If any of these situations resonate with you, rest assured you’re not the only one. A vast number of Americans share similar sentiments.
Yet, finding a solution might not be as complex as it seems – All you need to do is allocate specific tasks to your surplus funds.
WHERE TO LOCATE THIS SURPLUS MONEY
Think you don’t have extra cash? Think again. You probably have more than you realize, but you haven’t been classifying it as “extra”.
Your tax refund? That’s extra. Any refunds or discounts from coupons or discount codes also qualify. Any profit from a side job? You guessed it, that’s extra too.
In reality, combining all these additional sums instead of letting them dissipate into your routine budget or unwarranted splurges, can amount to a significant sum.
Don’t trust me?
EXPLORING THE IMPACT OF ASSIGNING TASKS TO SURPLUS MONEY
Take a look at what Julie from The Family CEO did with her “found” money. They accumulated $7,113.37 from July to September 2013. Some of this was directed towards their emergency fund, and the other part was used to finance their daughter’s college expenses. They managed to fund her entire education this way without debts.
Diverting your extra resources towards specific goals can hold significant long-term benefits. Even if you don’t match Julie’s figure, chances are, you have more extra funding than you acknowledge.
Similarly, Erika from Newlyweds on a Budget used her side job to generate over $20,000. This mostly went towards alleviating her and her husband’s debts, and the rest financed enjoyable vacations including a honeymoon trip to Costa Rica and jaunts to New York, Seattle, Las Vegas, Temecula, San Francisco, and San Diego. Assigning designated tasks to her money thus let Erika balance both debt repayment and holidaying.
HOW TO BEGIN
