Page 38 - Benjamin Franklin\'s The Way to Wealth: A 52 brilliant ideas interpretation - PDFDrive.com

expenses must be pretty much a way of life round your way. If we’re
talking about a business here, and you don’t have figures, then I can only
presume that you’re reading this from behind bars or on a yacht in the
Bahamas since the tax authorities don’t look kindly on insouciance when it
comes to spreadsheets.

The chances are that you can identify a pattern of expenses for which it
would make sense to have a financial buffer ready. Now you’ll need to find
the money. So identify your annual target sum and break it down into
monthly, or even weekly, contributions. Breaking saving sums into weekly
contributions has two benefits: it makes them more accessible and makes
you realise just how long it takes to save up enough for a ‘fighting fund’
for the unexpected. If you really want to balance your books, this is the
time to look at your weekly outgoings and see where you could trim the
expenses to create those savings. This could mean doing something as
simple as cutting out a few luxuries from the weekly food basket. Think of
that the next time you’re staring down the business end of a chocolate
doughnut. Your physical health could even benefit as well…

HERE’S AN IDEA FOR YOU…
Create a fighting fund for the expected unexpected. You can get a
decent rate of interest by opening a saver account with a relatively
small amount and still get instant access. Can you spare that small
amount right now? If the answer is ‘yes’, what are you waiting for?