Found Money:
How To Generate Quick Cash In An
Emergency
7 Serious
Ways to Save Money – Not for the Faint
of Heart
Do you truly want to save? Take a
serious look at how you spend and then
change it. Quit smoking those cigars,
take in a roommate, park your car—and
you’ll save as much as $10,000 a year.
It really is just as easy as all that!
Are you finding it harder and harder to
blame savings shortfalls on your measly
pay check?
Will it surprise you to learn that how
much you save has little to do with your
income? Well it is very true, in fact.
It has more to do with whether you want
to save and are willing to adjust your
finances to boost your savings.
A recent study by Venti’s and Wise,
“Choice, Chance and Wealth Dispersion at
Retirement,” found a very wide range in
how much people at the same income
levels were able to save for retirement.
The study pointed out that it wasn’t
just the higher income folks who managed
to save the most. Indeed, even people in
the lowest income groups were able to
save more than some of their
middle-income peers—by as much as
$100,000.
What was their conclusion? Persons with
little savings on the eve of retirement
have simply chosen not to save as much
and spend more over their lifetimes.
The key, then, is simple enough: Spend
less than you earn and SAVE MORE.
It is easy to see why some people get
into financial trouble.
Some people don’t stop and think that
earning money is only one part of the
financial health equation. The other
critical part is learning how to manage
money and save.
A big part of the problem for so many is
that people just don’t know enough about
their own financial reality. They don’t
even know what they earn, they don’t
even know what it takes to live
comfortably, and they don’t even know
their true, discretionary income.”
What can be
the solution?
People need to educate themselves. Sit
down with your monthly bills and
statements and figure out your real
income and outgo. Then, decide if you
like what you see. If not, create a
realistic plan for changing it.
To help with the process, ask yourself
these four essential questions:
What’s my true and current financial
picture?
·
How do
I choose to live?
·
Can my
current money support this and how do I
really want to use my money?
·
How can
I best make use of my money?
Treat managing your money as if you
would any other household chore and
allot enough time for it each month.
Make note that: Many of the financial
tools that have made life more
convenient—such as credit cards—can
promote very bad financial habits and
prolong debt when misused. Credit cards
should be used ONLY as the
cash-management tool that they are and
not as a borrowing tool.
Keep in mind that you are spending
tomorrow’s money when you put things on
a credit card. You keep locking yourself
up and losing your freedom, bit by bit.
The bottom line on financial health
is Stop Spending
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