THIS IS NOT going to be one of those “how-to” examples where you’re told to record ever purchase you’ve ever made. Doing that accomplishes NOTHING but wasting a lot of time. Besides, Mint.com can already do this for you automatically. I’ll have more on that later in this series.
Instead, look back through your checkbook from the past few months. What were your MAJOR expenses? Make a list of them. I highly recommend using Microsoft Excel if possible. And yes, there will be a link to the template we create throughout this series at the end.
Here are a few examples:
Creating a budget is one of the single best financial actions you can take for your household. Once you have your goals and priorities straight, the next step is to learn how to manage your money.
Setting a budget is something that has to be done even before you learn how to invest your money. Why? Because all the income in the world won’t make you any richer as long as you’re spending more than you take in.
Once you have your reasons for saving money and your motivation to one day retire, there’s only one thing left to do:
• Start saving today!
One simple reason: The effects of compound interest. Simply put, when you save your money, the effects of compound interest cause your money to grow far beyond anything you could have ever saved on your own. See for yourself:
Saving money can be a real challenge. You know you should, but some months it feels like you’re barely making ends meet. And no matter how much you actually make, it never feels like enough.
Fortunately, there are some painless steps you can take to get your savings back on track. Below are a few of my favorite tips for ways you can save more money:
Category: Savings & Budgeting
/ Tags: budget
, Cash-Back Program
, Craigs List
, garage sale
, Individual Retirement Account
, tax refund