Make Your Money Grow

If you really want to save money for retirement and the long haul, and you have an income, it’s almost certain you can do it. Many people don’t know the difference between what is necessary and what they want. When you get a handle on that, you are well on your way to saving for the future. We must have shelter, food, utilities, insurance, transportation and clothing. That’s about it. Other things are extra.

Everyone would like to have a nice hefty savings account, but few people think they have the money to save. There are bills to pay and groceries and other items that must be bought. What’s a person to do? First of all make a budget. You will never save without a budget. If you are in debt, cut back on all unnecessary spending. Be realistic on what you can cut back on.

Your necessary items are:

Rent or house payments

Insurance for home and car

Health Insurance

Credit Card payments

Loans

Home Maintenance

Transportation

Groceries

Utilities

Necessary clothing

Pay as much as possible on outstanding debts.

Those are your necessary expenditures. If you have trouble paying your bills, you should spend for nothing more until you can bank 10 % of your income.

To save expenses:

Pack lunches

Go to free entertainment only, such as concerts in the park, museums, hikes, biking, and so on.

Get the basic TV service.

Don’t buy any expensive make-up.

Do your hair and nails at home.

Don’t buy books. Go to the library.

No gift buying, explain to your friends that you are on a tight budget, and offer to babysit or do any other chore.

Don’t buy any clothing unless desperately needed. Most of us could go years without buying clothing.

Buy nothing for the house unless something breaks down.

You should soon be able to bank at least 10% of your income, and don’t stop your thrifty living when that happens. Continue to live a thrifty lifestyle and save enough money to pay all your necessary bills for at least 6 months. That’s besides your 10% savings which is for retirement and the long haul.

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