OCD_Maniac
New member
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.
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.
). 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.