Tuesday, December 11, 2007
Pay Yourself first
One of the best ways to gain wealth over time is to pay yourself first. On payday set aside money for yourself, lets say you have a checking account and a savings account I'm assuming you have direct deposit, On payday move a percentage of your pay into your savings I recommend 10% of you check. If you can't do 10% do $20 a week that will add up to more than $1000 over a year. The best way to pay yourself first is by payroll deduction you can use pretax dollars to pay yourself buy contributing to a 401k ask about it at work. Some banks offer a special savings account they can take money from your checking on a weekly or monthly basis i think at my bank they call it a Christmas club savings account, you are only able to make a withdraw around Christmas time.
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8 comments:
Speaking of savings accounts, we are looking into a health savings account and have been trying to learn some stuff about all that.
Saving money is good and I am very interested in saving money in as many ways as possible! Good post! know much about HSAs or IRAs?
Hi
I have a financial blog and I want to exchange links with your financial blog. So please let me know if you are interested. Waiting for your reply.
Regards
George
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Absolutely right, we must think ourselves before we give money outside. Because our savings are just like emergency funds that can help us during any emergency. I strongly suggest that everyone should save at least 10% amount from your monthly income for future investment.
Tomiko
http://www.thinkcash.com
I truly agree .Our own beliefs around money feed our behaviour .There is a simple technique to make your money go further,so that you can still spend now,but create a fun way to save.Here is a program which will help to make choices around money that have nice rewards. Money Management
Very true - you should look after yourself first where possible.
Frank @ Secured Loans
sound interesting to saving money. we should think before giving money to the others.
thanks for the useful information.
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