Summer Doldrums? Try saving money
Saving money isn't hard. Really. And if you're in the midst of the summer doldrums, maybe some tips on saving money will help.
After all, saving money kick starts the wealth building process. You need a strong foundation. That's how to achieve financial freedom.
Think of saving as the gas you put in your car engine. No gas, you're not going anywhere. And just like anyone can fill up his or her tank, you can fill up your "financial engine."
Never been a good saver? Not to worry. Just try these easy ways to get started - and still enjoy your life now. Already socking away part of your paycheck? Great! You're ahead of the game. Maybe you'll find a couple of these ideas helpful to make sure you're on track to building wealth.
Strategy #1: Pay yourself first.
This is no doubt one of the easiest ways to save money. Simply decide to take some percent or amount of your paycheck and put it into a savings account. Yes, you'll have less to spend now. But you'll also have more later. You won't be like everyone who worries about "living too long" (outliving their money). That's no way to live!
Strategy #2: Think "debt free."
If you don't have any debt, keep it that way. If you have credit card balances, start to reduce credit card debt.
What about a home mortgage? If you're mortgage isn't too big, and the interest rate is low, reducing a home mortgage may not be important right now.
Just remember that you'll never be able to save money if you're paying out too much in interest payments.
Strategy #3: Build and maintain a sufficient, liquid reserve of money.
I'm always surprised to find how many people have no reserves for emergencies. Their roof starts leaking and they have to borrow money to fix it.
Oh, by the way, a "home equity line" doesn't count. Sure you can use it in an emergency. But it's not "liquid reserves." You need to save money, especially in today's economy. You need to have money available in reserve.
Just don't forget that The whole point of saving money is ultimately to build wealth.
There now, that wasn't too hard, was it. A few simple ideas to help you stay on track to build wealth and achieve financial independence. Even the summer doldrums can't hold you back now.
After all, saving money kick starts the wealth building process. You need a strong foundation. That's how to achieve financial freedom.
Think of saving as the gas you put in your car engine. No gas, you're not going anywhere. And just like anyone can fill up his or her tank, you can fill up your "financial engine."
Never been a good saver? Not to worry. Just try these easy ways to get started - and still enjoy your life now. Already socking away part of your paycheck? Great! You're ahead of the game. Maybe you'll find a couple of these ideas helpful to make sure you're on track to building wealth.
Strategy #1: Pay yourself first.
This is no doubt one of the easiest ways to save money. Simply decide to take some percent or amount of your paycheck and put it into a savings account. Yes, you'll have less to spend now. But you'll also have more later. You won't be like everyone who worries about "living too long" (outliving their money). That's no way to live!
Strategy #2: Think "debt free."
If you don't have any debt, keep it that way. If you have credit card balances, start to reduce credit card debt.
What about a home mortgage? If you're mortgage isn't too big, and the interest rate is low, reducing a home mortgage may not be important right now.
Just remember that you'll never be able to save money if you're paying out too much in interest payments.
Strategy #3: Build and maintain a sufficient, liquid reserve of money.
I'm always surprised to find how many people have no reserves for emergencies. Their roof starts leaking and they have to borrow money to fix it.
Oh, by the way, a "home equity line" doesn't count. Sure you can use it in an emergency. But it's not "liquid reserves." You need to save money, especially in today's economy. You need to have money available in reserve.
Just don't forget that The whole point of saving money is ultimately to build wealth.
There now, that wasn't too hard, was it. A few simple ideas to help you stay on track to build wealth and achieve financial independence. Even the summer doldrums can't hold you back now.
Comments