Oh well, don’t be fooled by my title. I’m exaggerating, I just can’t come up with a title that’s not as exaggerated. While you and I know, there aren’t any tricks, there are ways to achieve financial stability. I’m just talking about easy money-management system that may actually work for. I found the key to this system and that is none other than : to save more money. You may ask though:”how can I save more, when in fact, I’m living from paycheck to paycheck?” I guarantee you, there’s a way to save money. One way is to have money automatically taken out of your paycheck. I don’t have a paycheck myself, but the husband does, and he has a substantial amount of deduction directly going to our bank account, and this is savings, not 401k. On my end, I do the same thing; only that I take a specific amount of money from my wallet every week that goes to my own savings account.
If you’re interested, here’s more ways to build “some nest egg”:
- Start a tax deferred retirement plan: 401k or 403b. My husband has one, and he contributes the allowed maximum. He’s had this when he was still single and the amount he’s built up is now so awesome.
- Get out of debt. Pay off those credit card debts especially if you have high interest rate. Many years ago, we got a fixed rate of 4.99%APR (this is for life) on two of the credit cards that we have. Not that it matters that it’s a low APR because we pay off the balance in full once we get the statement, but should there come a time that we can’t pay in full, it will surely come in handy. Eliminate debts as fast as possible by using money deducted from your pay check to your account. You can figure the highest monthly payment you can afford through the calculator at www.bankrate.com.
- Set up an emergency account. They used to recommend to have three months worth of living expenses, but now I seem to hear one has to have six months. Have some money that you can move automatically to a savings account to cover expenses in case of emergencies. If you have this in place, you won’t have to withdraw from long-term savings.
- Invest, but pick the right investments. Saving money is just the start. Having an investment that will earn money over the long haul is a must.
I must say that there’s no secret to building wealth. One needs to live on less than what one makes, and invest the rest wisely. Saving and investing automatically will make it a lot easier to reach ones goals.
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Good posting!
You got me to start some SAVINGs!!!
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@ astro galaxy
thanks, and I’m glad.
Sis, Thanks for this tips! Makes me stop hoarding..hehe Btw, you want me to upload a plug-in where you can reply the commenter through here and send it to their email directly? That way they can read your reply… or I did that already?
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Hi Jul! This is a good post. Great tips on how to prepare for our future. Keep it coming sis
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excellent excellent!!!
very wise way to becoming wealthy!
thanks for sharing…
and oh,.. neat blog this is!
@ recel
you’re welcome sis.
Who doesn’t want to get rich? But my hubby and I are just living a simple and ordinary life. We don’t have a big income and compared to my friends, we are the poorest. We maybe poor in financial matters but we are rich with God’s love and we are happy and contented with our life. We have lots of wants but God give our needs and we are so grateful to Him. He takes care of the sparrows, how much more of us human beings whom He created after His own image?
Before I got saved and came to know the Lord, getting rich was one of my goals in life. But it all changed when I got saved. I learned that I can’t take my riches in the grave and so serving my Lord is my priority and giving our tithes and whatever financial help in the church that the Lord puts in our hearts. Kung saan nandon ang kayamanan mo andon din ang puso mo.
@ Lisa
I salute your humility and simplicity. Wish I can be like that. I don’t mean to say I’m not contented with our life because I AM, but seem like something is always missing.
i do not have enough motivation to really work on getting rich. i don’t know maybe i know deep in me that life is simple and wanting more and more for other things is what makes life complicated. but i respect what others aspire for.
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