3 Combos to Punch Up Your Savings

Attaining your financial goals is like stepping into the ring: if you want to win, you need a solid combo that packs a punch! In the third episode of The Flex Series, Coach Vince teaches financial rookie Issa the basics of saving. 
 
Just like boxing, building financial strength takes practice, focus, and discipline. But once you nail these moves, punching up your savings and growing your financial discipline will feel as natural as breathing. Ready to hit it hard? Here’s Coach Vince’s guide of power combos to start landing serious financial wins.

Combo no. 1: Jab-straight.

Jab into your income, then punch straight into your savings!

In boxing, the jab-straight is the backbone of your attack — just like dedicating a portion of your monthly income straight to your savings is the foundation of financial fitness. This first combo is all about intention and consistency. Here are some ways on how you can achieve these:

🥊  Automate your savings transfer each payday, so you’re building wealth consistently without the temptation to spend. 
🥊  Start with a portion of your monthly income. If that’s too much, go with a smaller percentage, then gradually build up. Keep challenging yourself — just like pushing for a few more reps at the gym, it builds strength over time. 
🥊  Use a budgeting app or spreadsheet to keep your monthly expenses clear and organized. This way, you know exactly what you have left to save and avoid any guesswork.

Combo no. 2: Straight-hook.

Get straight to research and get hooked on investments that match your goals.

Think of the straight-hook as a combo that gives you versatility in the ring. You want your investments to be just as adaptable! Whether it’s stocks, real estate, or mutual funds, every investment should serve your unique goals and lifestyle.

🥊  Begin with an emergency fund before any major investment. This is your financial guard against unforeseen blows. Read more on the topic of saving in this article. 
🥊  Do your research. Look for investment options that allow for easy access to funds if you need it quickly. For beginners, consider short-term investments or mutual funds that allow for withdrawals without penalties. You can read more on dividend-earning funds in this The Program article. 
🥊  Review your goals every six months. Investments that made sense last year may not fit now, especially if life events (like getting married or switching jobs) affect your finances.

Combo no. 3: Power uppercut.

Punch high and hard when it comes to savings to avoid getting knocked out by life’s surprises!

The power uppercut is all about packing a powerful punch — just like keeping your savings goals strong and consistent. This is where you power through distractions and stay focused on your financial goals.

🥊  Challenge yourself to increase your savings rate when possible. Try to bump it up by 1-2% every few months. Little by little, this builds financial endurance and strength.

🥊 Avoid impulse spending by sticking to a 24-hour rule: if you’re tempted to buy something on the spot, wait a day and see if you still feel it’s worth it.

🥊  Keep a visual reminder of your goal, like a picture or a sticky note. Just as athletes visualize their wins, seeing your goals daily keeps you motivated to stay disciplined with your money.

Remember, flexing your financial muscles doesn’t need to be complicated! Once you’ve mastered these combos, other challenges will feel less daunting. So, are you ready to start? Get in the ring and take the first step toward financial victory. 

Get fitter finances with the The Program. Stay tuned for the next episode and check out our previous The Flex Series episodes here.