Find More Ways to Save Money
To Build Wealth You Need to Save More Money Than You Spend
The smartest words ever said by anyone: “A penny saved is a penny earned.” Start small. Don’t give up. Don’t dip into your savings unless it’s an emergency. Every little bit helps. Did you know that if you saved $1 per day and invested it at 10%, you’d have almost $200,000 in 40 years? Every little bit counts and it is very important that you take this financial advice, get out of debt and save money - and start saving it now! There are thousands of ways to save money.
You can save money in many different ways. For example, using coupons at a grocery store or buying things on sale that you’d buy regardless of whether or not it was on sale save you money. You can also save money by foregoing spending until a future date or by foregoing spending on non-essential items. For some people, self-control is a real issue and if the money isn’t “accounted for” immediately, they tend to spend it on impulse and luxury items that are non-essential. If you find yourself in this category, or have trouble saving, you should create an investment account that is automatically funded each month. To do this, you may need to create a monthly household budget to determine your monthly savings goal. If you do create a budget, make sure that it is realistic, matches your lifestyle and that it leaves plenty of room for miscellaneous expenses that seem to pop up regularly. If you create an unrealistic budget you’ll likely save less than what your budget calls for, become frustrated, and resort to your old ways.
The next rule is to invest with a new frame of mind.