If you are unsure of how to save, create a plan that’s going to be easy to stick to and remember.
There really are only two ways to save though… So that makes planning really simple. Don’t make it more complicated than it has to be! You can:
- Set money aside
- Spend less
Who Wants To Be A Millionaire?
When you put money into your savings account you can earn interest on what you deposit. Interest is money that the bank pays you so that they can use your money for things like funding loans for other people. It’s free money just for saving money. Check this out…If you were to start depositing just $100 dollars each month into your savings account and not touch it, you would be a millionaire in less than 40 years! No lie, it’s actually that easy. Check out the Millionaire Calculator on TheMint.org to see how long it would take you to become a millionaire.
Stop Throwing Money Away
When you want to by something, shop around for the best deal. You don’t always have to buy an item as soon as you see it. Many times, you can find the same exact thing at another store for less money, or even online at half the price.
Another tip is to be smart with your credit card. If you have a credit card, you want to avoid debts at all cost. It’s important to pay the FULL balance of your credit card each month so it doesn’t get carried over to the next month… and the next month… and the next month. Credit cards charge interest so you could end up paying three times the amount you spent on the item in the first place by the time you finally pay off the balance. Not paying the balance can throw you into a deep debt hole and those are extremely hard to get out of!
Spending actually goes hand in hand with saving. Before you go on a shopping trip or decide to buy a $300 dollar Xbox… save up! Drop about $10 a week into a special drawer somewhere or a savings account and eventually it will all add up to some major moolah.
So stick with your savings plan & be wise when it comes to investments and spending, cause who knows? You might be the next Donald Trump!