Become Money Savvy – The Super Saver
Posted on March 2nd, 2010
- Take baby steps. Find one saving tactic and focus on making it a habit, then focus on the next one.
- Automate your savings. Set up a savings account and direct credit to it each payday.
- Track your spending for one month. Money can just vanish before we know it, so tracking it makes us more conscious of where it goes.
- Spend less than you earn. It’s a no brainer but if you spend less than you earn, you’ll have more money to save.
- Create a realistic spending plan. Be exact with your figures. You need to know how much comes in and how much goes out.
- Follow the $100/24 hour rule. If it costs more than $100, wait 24 hours to buy it. Do you still really want the item?
- When it comes to big ticket items, follow the 30 day rule. If you wait 30 days before buying the item, you’ll either change your mind, or find a better deal.
- Track your progress – it’s exciting watching your savings grow.
- Talk about money with your partner. Support each other and share ideas and advice on financial choices.
Source: Professional Investment Services Successful Investing Newsletter – Issue 1, 2010