Money Results
July 23rd 2011 20:04
No matter how much people try, in today's economy it is tough for most to save and invest and prepare for retirement. Many save only to see some event wipe out their savings and then some. Frustration sets in and many give up. Money requires discipline. The discipline to know it's there, but not to be touched.
Many people tend to look at a saving as a winfall and end up spending frivolously and blowing it. True discipline on money is what Ben Franklin said a penny saved is a penny earned. Most think of pennies as something that can never help them financially. How wrong they are. Double that penny everyday for a month and the results are impressive. It will give you $5,368,709.12. Suddenly that 1¢ isn't so bad!
In order to see some financial results, we must trim the fat and stop living beyond our means. Trimming the fat means cutting back on things we can do without, or finding cheaper alternatives. Living beyond our means is obvious, and that is where our biggest downfall lies.
Do you really need to by a new, or another car every so many years? If you pay off and maintain your vehicle it will last for many years. If you do your own repairs and fluid changes, you can save a bundle.
If you cook at home instead of going out to eat, the savings will add up. Make your own coffee and brown bag it at work. Aside from saving you will be healthier and that means less trips to the doctor. Do the math and you will find an enormous amount of saving in this chainreaction.
Make a grocery list, use coupons on items you will use not those that appeal to you like junk food, buy in bulk on non perishable items, buy generic, don't shop when you are hungry.
Borrow books from the library or buy used books or see if they are free online. Same with movies.
Pay off bills, don't use plastic, if you do have a credit card find one without an annual fee and pay it off immediately.
If you can, have part of your pay automatically deposited in a savings account. Set aside a small amount of money each week to be used for a frivolous habit once a month. Whatever you have in this account is what you can spend on resturaunts, movies, etc. each month or go longer if you want to spend more. Avoiding this means you can put more in savings.
Bottle your own water. I already said I use sodastream that has more than paid itself in my case.
Put loose change in a jar and call it your rainy day fund. Return deposit bottles and add that to the jar.
Stop trying to keep up with the Joneses. They will make you penniless.
In the future, I will show how you don't have to give up some vices, just find the cheaper alternatives. I will also show you ways to save on almost anything and why I think that renting is better than owning in many things including shelter!
Many people tend to look at a saving as a winfall and end up spending frivolously and blowing it. True discipline on money is what Ben Franklin said a penny saved is a penny earned. Most think of pennies as something that can never help them financially. How wrong they are. Double that penny everyday for a month and the results are impressive. It will give you $5,368,709.12. Suddenly that 1¢ isn't so bad!
In order to see some financial results, we must trim the fat and stop living beyond our means. Trimming the fat means cutting back on things we can do without, or finding cheaper alternatives. Living beyond our means is obvious, and that is where our biggest downfall lies.
Do you really need to by a new, or another car every so many years? If you pay off and maintain your vehicle it will last for many years. If you do your own repairs and fluid changes, you can save a bundle.
If you cook at home instead of going out to eat, the savings will add up. Make your own coffee and brown bag it at work. Aside from saving you will be healthier and that means less trips to the doctor. Do the math and you will find an enormous amount of saving in this chainreaction.
Make a grocery list, use coupons on items you will use not those that appeal to you like junk food, buy in bulk on non perishable items, buy generic, don't shop when you are hungry.
Borrow books from the library or buy used books or see if they are free online. Same with movies.
Pay off bills, don't use plastic, if you do have a credit card find one without an annual fee and pay it off immediately.
If you can, have part of your pay automatically deposited in a savings account. Set aside a small amount of money each week to be used for a frivolous habit once a month. Whatever you have in this account is what you can spend on resturaunts, movies, etc. each month or go longer if you want to spend more. Avoiding this means you can put more in savings.
Bottle your own water. I already said I use sodastream that has more than paid itself in my case.
Put loose change in a jar and call it your rainy day fund. Return deposit bottles and add that to the jar.
Stop trying to keep up with the Joneses. They will make you penniless.
In the future, I will show how you don't have to give up some vices, just find the cheaper alternatives. I will also show you ways to save on almost anything and why I think that renting is better than owning in many things including shelter!
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