Saving Money Tip!!

[OCD_Maniac]

Hi everyone,

I just wanted to share with you all on a good tip on how to save money. For those of you who know how to save money, great. But there are others, specially like me before who didn`t care about money management and I decided to do something about it, this year actually. Late last year I decided to come up with my new years resolution for this year and they were:

1.) Pay off Credit Card - Accomplished

2.) Get a new job - Accomplished

3.) Start Saving Money - Accomplished

Thank god I was able to accomplished by new year goals. The third new years resolution, savin money, is accomplished when I first started reading a management money book. The book is called "Automatic Millionaire" by David Bach. I want to share with you all a simple phrase from this book and believe me it is working for me.

What David says is basically when you get your paycheck, simply "PAY YOURSELF FIRST". He says take 15% to 20% of your hard earn cash and put it on a savings account. I started doing this and it is working for me big time. Today is pay day for me and when I get my check, I will surely take 20% and put it on my savings account.

For those of you who don`t know how to save money like me before, and want to start, try this method. When you get your next pay check, take 15% to 20% of that income and deposit it to a saving account and let me compound interested take over.

[Tony Supreme]

Good for you maniac. That is one of the best books out there. I read it a few years back when it first came out. & stop spending $10 a day on coffee, you know from where.....

[GearHead_1]

I congratulate you on your accomplishments you are one of the lucky and wise few. I tend to get on a soap box when this topic comes up so let me start by apologizing for doing this in advance. Now you know that this is one of those kind of posts and you need read no further. I`m also a big fan of the mind set of paying ones self, too many people don`t. I however always made the practice of paying my tithes and offerings first (this amount is personal and needs to be determined in advance). This doesn`t have to have a religious theme, there are worthy causes that we all should be involved with. There is a satisfaction that can`t be equaled when one shares what they are fortunate enough to have. I`m a believer that if I do this and exercise a little faith things have a way of taking care of themselves. Once the big guy is paid then it`s my turn. This practice has worked pretty well for me. I don`t owe anyone a dime other than regular utilities, insurance, taxes etc. This philosophy has allowed my wife and I to own what we have and allowed us to sleep well at night. It is critical that if you are married you find a comfort zone that both partners are comfortable with. If you can do this chances of having a long and happy marriage increase.

I believe many religions do this, mine has taught me from an early age to be frugal and independent with respect to my finances. Don`t get me wrong debt is something that everyone experiences at one or more points in their life. There are certainly some items that incurring debt is expected (i.e. education, home, cars, great firearms, detailing equipment and supplies ;)). That doesn`t mean we should incur a lot of debt to have the biggest or newest of these type possessions. There isn`t really any way to say this that doesn`t come out like bragging. That isn`t my intention but hopefully a motivation to say it can be done and it`s worth doing. Most of what I have isn`t the latest or greatest but after everything is said and done it is mine. My wife and I haven`t had a mortgage payment since our seventh year of marriage. That was now 18 years ago. This was a shared goal we had even before we were married. Our first home wasn`t large but we owned it and this allowed us the luxury of saving money for our next home and paying for it in cash. Along with putting money in a savings account my wife and I always tried to put 15% of our gross pay in IRA`s. This amount has required adjustment at times. This also gives some peace of mind though nothing is ever guaranteed when it comes to investing. Doing both of the above is very difficult to do if you are also carrying a mortgage.

There are many arguments that make a good case for using others money when you can. For me the surety of not owing anyone is more motivating. One of the most important things in this whole type of lifestyle is the careful use of credit particularly credit cards. The only advice I can give here is to make sure you can pay for the debt of the card each and every month. Yes you can use it for internet shopping, gas purchases or the likes but don`t carry an increasing balance. It`s the biggest trap most fall into. O.K. I`ve said enough, I`ll climb down from my soap box now.

[Reddwarf]

Good job! Paying off the credit card is huge! I`m so happy I did that a couple of years ago and I now pay off any charges monthly.