Building Wealth Saving for your Future
If you are reading this, you are probably struggling with
some financial problems, but do not get discouraged.
Everyone can save and build wealth, you don’t have to earn
a lot of money to do it. It’s a matter of watching your
budget and planning. Hopefully after reading this site, you
have a plan to reduce or eliminate your debt. That is the
first step, because then you will have disposable income
per month that you can lock away for a rainy day.
The Piggy Bank Approach
If you don’t already have one, go to your local bank and
open a savings account immediately. Remember when you were
a kid and you stashed all your quarters in a piggy bank
eagerly waiting for the day when you had enough money saved
to buy that toy you saw on the Saturday morning
commercials. You did your chores and saved every penny of
your allowance until you had enough for that goal. Somehow
as adults, with all the pressures of life and bills and
stress, we forget that it’s really as simple as saving
money in a piggy bank.
Whether your goal is to buy a house, start a college fund,
or save for retirement, start saving today! Figure out how
much money you need to save in order to reach your goal.
For instance, you want to buy a house and need a $10,000.00
down payment. This may seem completely impossible today,
but it’s not. If you save only $5.00 per day, you can reach
this goal in five years. Read the section on Trimming the
Fat, which gives tips on how to trim expenses from your
budget. Now, if you find ways to save more than $5.00 per
day, you’ll reach this goal sooner. If you just brown bag
your lunch to work, make your cup of coffee at home, wear
the clothes you already have in the closet, you can build
your savings in no time.
Remember, the key is to have concrete goals, write them
down, make a plan, and stick to it! Every week, put the
money you saved in your savings account so you won’t be
tempted to spend it. As you see your savings account grow
(even if it grows slowly) you will feel so good about
yourself. A funny thing is, the more it grows, the more
tight you will be with your finances. You will have the
confidence and drive to reach your goal as soon as
possible. Once you reach your goal, don’t stop there. Set
your next goal. People who are financially successful in
life always have goals. You cannot coast through life and
hope that things will work out. You have to make it work
out. No dream is too big; just start your goals small at
first and as you reach one, go on to a bigger one. Baby
steps will finish the race.