Sharing because not enough young (or older) people doing enough to save their money. Be smart with your money, educate yourself learn to spend less and save more! Money pulled from investments should only be used for emergencies. Heres a few tips! 1. Pay off college loan debt (if you have it) with automatic monthly payments. 2. Forget about buying a house until your debts are paid off. 3. Live small. Buy the most reasonable home you can live with and pay if off before retirement. Do not count on your homes appreciation value for retirement funds. Never get a second mortgage. Remember a paid off home is a cheap place to live once you stop working. 3. If you want to buy a car, get a reliable used one. Shop around for your insurance. A safe driver can save a lot on insurance. 4. Only one credit card per family. Keep it in a lock box for emergency use only. If you cant buy with cash, you cant afford it. 5. Be careful as you develop your retirement portfolio. The bad banking years taught us not to trust the stock market and banks. Gold, cash, rare stones, high end collectables, rental properties, and most important an at-work saving accounts with a big employer contribution will keep the money in your pocket. Roth IRAs are also a good way to save without excessive taxes. Avoid annuities. 6. Assume that everyone wants a piece of your retirement portfolio. Beware of con artists-they come in all forms. If it seems to good to be true-it is. 7. Plant a vegetable garden if room. Learn to can or freeze food. 8. Eat out only once a week. Make a shopping list and learn to cook. Its healthy and youll save a lot of money. Learn to eat leftovers and dont waste food. 9. Cut off cable TV and watch shows online. Youll save over $100.00 per month. 10. Create your own power Open the blinds instead of turning on lights, open windows for cool air. (whatever cuts the price of heating, electric and gas). 11. Co-op services. Barter when you can for goods and services. 12. Shop the educational market for a cheaper graduate education. 13. Live in a neighborhood with good public schools so you can skip the cost of private schools. 14. Constantly look for ways to save and cut the budget. 15. Educate yourself! If might seem boring but learning these things will ensure your financial future. And remember if you retire at 60 you might have to live another 30 years on what you saved during your lifetime.
Posted on: Sun, 21 Dec 2014 13:47:34 +0000