How do you save for that big exciting project?
You see something, and you really want it. In fact, you really need it; yet, you can’t afford it. At least not yet; or so you tell yourself. Sounds familiar? How about this; “you say no to things that really matter to you” or “you window shop based on price tags rather than the inherent value.”
You are not alone. You probably are making your decisions based on a limited perspective of money; as I do too, sometimes.
And if I do, then why am I writing this article in the first place?
Because, exactly 8 months ago, I experienced a shift in my life regarding how I view money. After years of putting off major financial decisions and constantly telling myself I cannot afford it, I realized why I never got far with my personal projects. This shift has created a new realm of possibilities for me and my life.
I learnt special tips on savings and below I will share exactly these tips. Get ready to achieve your wildest most exciting project that before was unrealistic.
First things first, let’s define money.
Money, according to Merriam Webster, is a medium of exchange. Differently put, money passes through you to get things done and moving. That is to say, it’s not how much you have that will matter, rather, what the money makes available for you that carries the day.
What one incredible project would we use as a case? How about a meditation vacation in Thailand as an example? This may not be one thing that you need to survive, but you may need it to thrive. Especially, when research shows that you may need a holiday from your work soon.
The cost to the retreat is USD 900 exclusive of travels, meaning, if coming from the west or down south, you probably need USD 2000 to make the trip worthwhile. While this may seem like a huge investment, let’s see how we make it the tiniest little investment you ever made to your self-replenishment, wonder and aliveness. Notice how we establish the value of the retreat, in relation to both your well being and cost. Do this for any project you are working on.
Map your income expense chart
You now know the value of the project. You want to rest, replenish your mind, body and soul, all at the same time at a cost of USD 2000. Coming back to where you are, its time to map out how much money you make, and how you use it. Create a column for fixed expenses, variable expenses, savings and investments within your chart. Proceed to indicate where each of your monies goes each month, week and day. You will be surprised how some expenses are unnecessary. In some instances, you shall notice that some expenses that often stress you and give you the impression of not having money are not as urgent as you thought.
Make a list of all “your wish to haves” full with a budgetary allocation and timelines of delivery
Having gotten clear with yourself on your expenses, it’s time to create a new list of your entire wish-list. This could be a dream project you have shelved for so long. In this case, we all wish to go for a meditation holiday in Thailand. We figure out the entire cost of the project, in this case, being USD 2000 (inclusive of travels and transfers). When the entire “wish-list is complete, place them in order of priority based on the timelines of each project.
One project at a time: Choose one major project and focus on it
Having done so, place the major project as the central focus. Others in the list will still receive your attention, yet, this one stands out as immense. Assuming we take the meditation holiday as the central focus, that’s what we put down. Notice the timeline indicated. Luckily, World Peace Initiative provides meditation holidays for each season of the year. Assuming we decide we wish to travel in Dec 2019; we have 16 months in between.
Break down the whole amount into monthly, weekly and daily targets.
Next, break down the amount of the project into monthly, weekly and daily targets. USD 2000 within 16 months will get us USD 125 each month. Into weekly targets will give USD 32 a week, broken into daily targets will make USD 4.5 a day! From USD 2000, we realize that we only need USD 4.5 a day!
Get real on whether you wish to save daily, weekly or monthly.
This realization may be liberating, yet, the liberation may be short-lived if you don’t understand how you operate. While some people are disciplined at saving daily, others prefer weekly while others prefer monthly. Whatever you decide, get real with how you operate and commit to it.
Open a separate account for the savings
To support your commitment, get a savings account to put in your money. Most bank accounts come with a Direct Debit Order that you can install to authorize your bank to deduct a certain amount of money from your account. This means that each time there is money in your account, it auto-deducts the amount you instruct it to. This way, you do not have to worry about missing a payment.
Track your savings over time and re-evaluate
As with any other project, you need to track your savings and notice whether you are on track or not. It’s normal to miss some days or weeks. You want to minimize that. Normal occurrences only happen for average people. Get clear with the days you miss and get back on track. It helps sometimes to task someone to hold you accountable to your goal. Sometimes, due to life’s unexpected turns, you may want to increase the amount, or even reduce it, and the best part is to keep fresh the reason why you are saving in the first place. The “why” will determine your choices.
Maintain an open mind for other opportunities and openings for action
Sometimes, when making saving decisions, opportunities to achieve my projects have emerged in ways I hardly expected. Remember, you may get your chance to achieve your goal in other ways as well. Stay open for when such signs emerge. You may be surprised, that when saving to travel for the meditation holiday, you get the opportunity to attend a global peace on the move fellowship in Thailand! The key is to stay open for the signs of accomplishing your goal sooner!
Expect to achieve your goal, detach from it and focus on the savings.
There are several opportunities in the universe and this goal is one of them. Your focus on making it happen makes it real. Therefore, expect to accomplish it. By expecting to do so, you validate its realization. Next, detach from it. Many times, we want something and still question whether we really need it. We wonder if it’s right for us or even if we shall even make it. By your accepting to have it in your life, it emerges, now let go of it and focus on the immediate actions that shall make it happen.
Get ready to begin your project
Getting ready is an essential part of life. Remember the story of the village that went to the square to pray for rain, and only a small boy carried an umbrella? Your project starts the moment you commit to it and start saving. For the holiday, save the dates, start processing your passport, looking for friends and meetups in Thailand; tell friends who may want to join you. I remember, at one point, wanting to buy a car, and when I started saving for it, I went to refresh my car knowledge and renewed my license. After all, when it comes, I want it to find me ready!
What is that big exciting project you have put off for years?
Its time you made it real!
Take the step today and start saving for it!
And of course, you can save to travel on a meditation holiday too! Remember you can save as low as USD 1 a day and still make it to Thailand next year. It’s all based on where you are and whether you are ready to take the leap into wild possibilities!