What if I gave you $5,000?

Don't get too excited, I'm not going to actually give you $5,000. But theoretically, what if you did received a check for $5,000 today? Give yourself a minute to think it through. What would you do with the money? Pay off your car? Pay off other debt? Go on vacation? Put it in a college fund for Johnny? How you answer these questions matters, although one could argue you rarely get a chance to act on these answers. When was the last time you received a $5,000 check? Maybe a bonus or tax refund, but the chance doesn't present itself often. Although, $5,000 does trickle through your life, depending on your income, on a fairly regular basis.

"Let’s say that I want to/need to lose 35 pounds. I have some options. For instance, I could cut off my arm. I mean, it would satisfy my goal in the quickest way possible. Alas, I won't do it. In fact, there aren't any options to lose 35 pounds as quickly as I want to lose 35 pounds. So I must go about it systematically. Healthy eating and exercise it is! The reality is, most of us need at least $5,000 worth of financial progress, but none of us can afford to wait around for a chunk of $5,000 to show-up and rescue us. We are officially left without options. We must go about this systematically. Budgeting and sacrifice it is!"(courtesy of the Indy Star)

You can dream about the day a ginger hands you a $5,000 check, but the real issue is how you treat the $5,000 that comes in and out of your life regularly. You want to recoup $5,000 from your financial life? Don't worry, math is always there to help you break down your goal into manageable bites.

"You could reduce your monthly spending by $416.66.

You could reduce your weekly spending by $96.15.

You could reduce your daily spending by $13.70."(courtesy of the Indy Star)

Attempting to save $416.66 a month can be overwhelming, but saving $13.70 a day is absolutely doable. By the end of the year you'll have a $5,000 chunk of money to work with. Whatever goal you set, use math to your advantage. Take the slow and steady route by breaking down your goal into manageable amounts.

Read the rest of my column here.