Looking for money saving tips? Few people get rich from their wages alone. But by taking advantage of the "miracle" of compound interest - earning interest on your interest by saving and investing.
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Buy stocks for just $4 per recurring transaction and no account or investment minimums.
Ways to Save Money
While money doesn’t grow on trees, it can grow when you save and invest wisely!
Knowing how to secure your financial well-being is one of the most important things you’ll ever need to know in life. You don’t have to be a genius to do it. You just need to know how to get started. No matter how much or little money you have, the important thing is to start.
For most people, the only way to attain financial security is to save and invest over a long period of time.
3 Steps to Financial Success
1. Make money.
2. Don’t spend it all.
3. Start saving and investing today
Pay Yourself First
What are you paying yourself every month? Allocate 10% or more of your pay for savings and investments. Many people get into the habit of saving and investing by following this advice: Always pay yourself or your family first. Many people find it easier to pay themselves first if they allow their bank to automatically remove money from their paycheck and deposit it into a savings or investment account. That way they are never tempted to spend the money before they pay themselves first.
Finding Money to Save or Invest
If you are spending all your income, and never have money to save or invest, you’ll need to look for ways to cut back on your expenses. When you watch where you spend your money, you will be surprised how little everyday expenses that you can do without add up over a year.
Finding Money to Save and Invest
Money Saving Tips
Save $.50 a day in loose change $15
Cut soda consumption by 1 liter a week $6
At work, substitute 1 coffee for 1 cappuccino $40
Brown bag it..Bring lunch to work (saving estimated $3/day) $60
Eat out 2 fewer times a month $30
Buy grocery store brands and always shop with a list $10
Eliminate premium movie cable channels $20
Use fewer phone features $10
Borrow, rather than buying, one book a month or use the library $15
Comparison shop for gas (save est. $.25/gallon) $4
Maintain checking account minimum to avoid fees $7
Pay credit card bill on time to avoid late fee $25
Pay off credit card bills to avoid high interest charges
Watch Your Savings Grow
Few people get rich from their wages alone. But by taking advantage of the "miracle" of compound interest - earning interest on your interest - almost anyone can reach long-term financial goals.For example, after 40 years, $50 a month yields $40,000 in principal and another $59,575 in interest. The chart below shows the results.
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