The stronger your money management skills are, the more likely you will live the happy life you want.  It doesn't matter if you're Middle Class or a Millionaire, you will probably feel a few dollars short of comfort as some time.  You need to have a plan if you are going to win - which are simply having discipline, goals, and desire.  Being prepared will help you get where you want to be.  Just follow these Seven Savings Strategies:

1.     Set Goals - This will help override the impulse to buy something not that important.  Write down your plan for short, medium, and long-term goals then share them with your family and friends.  Support each other as you can.

2.     Track Spending - Write each deposit or withdrawal activity down in your check register and reconcile each month to your bank statement.  Save your debit charge receipts and file as you would all others.

3.     Automate Savings - A good goal to have is 10% of your income each pay period.  This may be into your employer provided 401k, savings, IRA or another bank account.

4.     Prepare a Budget - Plan and write down the allocation of money for specific purposes.  Use separate categories for Savings, Rent, Utilities, Insurance, Food, and Other Payments.

5.     Change Behavior - In order to reach your goals, make different choices.  Some things to consider are:

• Ask for a promotion
• Get a different or second job
• Get a roommate
• Have a garage sale
• Quit smoking/drinking
• Save the enjoyment of a Latte for Sunday instead of every day
• Leave credit cards at home and use for planned purchases only. 

6.     Borrow Wisely - Build and maintain a credit score above 700 to qualify for the lowest interest rates possible.  Don't create payment plans that outlive the object purchased.  Keep credit card balances at or below 30% of the credit limit.

7.     Prioritize Bills - Send payments 7 days below the due date to avoid any late fees.  Using an automated bill pay or writing checks out ahead of time with the date to mail in the corner before stamping might help you stay on time.  If money becomes to stretch, always pay necessities before your creditors.  It is more important to keep your water on than worry about a department store calling for payment.

For Additional Mortgage Planning in Washington State please contact Melissa Olson by emailing melissa@hopelendingllc.com or http://www.hopelendingllc.com  WA License #510-LO-32549.

P. S.  Do you have a friend that I can be helping also?  Please don't keep me a secret.  My business is referral based, and I appreciate your help!