Whats a good strategic plan on saving money?
Does anyone have their own plan that is working? Or an idea that you wouldn't mind sharing with me...
Thanks in advance!
Answers:
I've been using a system called My Sister's Budget for a long time. I bought their budget workbook when I graduated from high school and I've been going great--well, for a college student. Their book is only $20 and it's the best thing I have as far as money is concerned. I always know where my money is and how much I can spend and save. It's a great system: www.mysistersbudget.com
perhaps this article will help, how to save a money tree with strategic investments
http://finance-information.blogspot.com/...
The key is to START today!
Have a specific goal to achieve your Savings Plan!
For example you can start a "Automatic Savings Plan" through your employer and Bank where a regular fixed amount is transferred from your paycheck to your Bank Savings Account. Your money will grow over time or What about buying US Savings Bonds ex. $50.00 Bond only costs you $25.00 tax free?
You may also want to consider diversification? Visit www.sharebuilder.com for some alternatives for investing.
You can also get some good ideas through Online Banking Solutions at; www.wellsfargo.com www.bankofamerica.com www.wachovia.com or your local Bank or Credit Union.
Another FREE Tip! Establish a monthly BUDGET for your income and expenses and PAY yourself first to see your money grow.
GOOD LUCK! :-)
PUT 10% A WAY WHEN U GET YOUR PAY CHECK AND DON'T BUY ANYTHING U DON'T NEED AND THIS SHOULD HELP U...
The best way to get started building your first million is to "give yourself a pay cut"; regardless of how much or how little income you get, each time you receive some money take 5% or 10% of it straight off the top and put it in your savings account. Do this with ALL income you receive, and find a way to pay all expenses without touching it. Let it grow...
For me, the first step was to figure out how much I spend each month. This took a while because big expenses kept popping up. If you can keep track of your costs and leave 10 to 15% (after taxes) then you will be able to save some money.
Goals are also effective. If your saving up for something specific, you could put a timeline on it and follow a schedule of saving.
Saving is hard. The easiest thing to do is to make it automatic.
Always start with your 401(k) if you work at a place that has one. Contribute at least what your employer matches.
Next Roth IRA. You can make monthly automatic contributions.
If you just want to build up your general savings start one of those online savings accounts. Emigrant Direct offers a great rate of return. You can set it up so that it pulls money directly from your checking account ever week or month.
If your income is too shaky to do automatic contributions, just pick a day of the week. Every week contribute at least 10 dollars to the account. If you can afford more, do more. Set the minimum contribution as high as you can based on your income.
And the last two important keys to saving money -
1. Live below your means.
2. If you make more money don't spend more money. SAVE more money.
Hope this helps!
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