Don’t View “Saving” as a Bad Thing
Our generation is the “I must have it now” generation. But, you can break that mold. If you want to improve your financial future, evaluate and improve your spending and saving habits today. Follow these tips to kick start your retirement savings.
Basic Savings Concepts
- Be smart, don’t spend everything you earn.
- Put some money away every paycheck.
It sounds easy, but very few folks are actually saving a significant portion of their income. To get you on the path to a happy retirement, here are three steps you can take right now to improve your financial health.
Ultra-Easy 3-Step System to Saving For Your Future
1. Calculate Your Total Monthly Earnings Minus Your Monthly Expenses
Yes, this will take a little work to gather your check stubs and to write down your monthly expenses, but it’s certainly not rocket science. If you need a little help, check out money guru Dave Ramsey’s The Total Money Makeover Workbook. He includes blank worksheets for you to fill in. This will help you find out where you’re at and where you need to be.
2. Identify Steps You Need to Take so That You Can Start Saving Now
In other words, free up some cash by cutting unnecessary spending. Do you really need the 1,020 channel cable package? Maybe the 500 channel package will do you just fine. Is your Car Lease coming up for renewal? Buy a used car and save thousands of dollars! Do you always have unused cell minutes left over at the end of the month? Move to a smaller package and save money. For more ideas on ways to cut back, read Leah Ingram’s book about frugality, Suddenly Frugal: How to Live Happier and Healthier for Less.
3. Begin Saving at Least 10% of Your Income
Now that you’ve freed up some extra cash, stash it away! Open a savings account and make regular deposits to it. Then, sit back and watch your money grow.
Here are some excellent resources to help you secure your financial future, so read on and improve your one and OlyLife!