As a newly emerging young professional in the workplace, I’ve had a great deal to learn about the work environment, what is expected of me that wasn’t stated in my interview, and how to manage the earnings that I’m getting now on a regular basis. I know that having a savings plan is important but convincing myself that I actually can put aside some money for my future has been hard. I’m not an impulsive buyer but I do like to enjoy myself now that I’m working hard; the only problem with that plan of action is that I spend money and really have no method of tracking my spending. That’s why I’ve decided to make a New Year’s resolution to have an end to my empty pockets and a savings account that is growing for me.
My Plan of Action
I’ve decided that I need a solid record of what money I have coming in, what my monthly expenses are, and any discretionary money that I am spending that isn’t earmarked for a regular purpose. I believe that this is an area where I can trim my spending and find money that can be redirected to savings.
Because I’m just beginning my savings plan, I don’t think that I have the self-discipline that it takes to save money on my owe each month so I will be finding a savings account that can withdraw funds from my bank account automatically. My first step to make sure that I stick to my New Year’s resolution is to get this process set up in December. I’m also going to search for an account that limits my access to the money so that I won’t take withdrawals to cover some of my holiday spending.
After I examine my income and where it’s going, I am going to decide the right amount that I can reasonably save each month. Because I’m just getting started, I am going to start with a small amount and then as I receive raises or get bonuses from my employer, I’ll increase the amount that I save. I think it’s better to start small than begin with an amount that runs me short each month; this could cause my credit report to suffer and that must always be protected. If I get into this savings plan that I’m developing and need to make changes, I’ll want the freedom to do that so I will have to research the savings vehicles that are available to me so that I’ll make the right choice.
Another part of my plan includes doing some research on finances and learning all that I can about how decisions that I make now will dramatically impact my future. As I prepared for the workforce, I didn’t receive very much instruction about finances and how to manage them so now that I’m a professional who is gainfully employed, I’ll have to educate myself on how to manage my money. In order to reach the goals that I’ve set for myself, I want to have one of the best savings accounts around so that I can watch my money grow and become more motivated each month.
I’m putting an end to my empty pockets with my New Year’s resolution and am already taking steps to put my plan into action.