Thursday, October 27, 2011

Saving Money

There's an old cliche in finance world: "You need to have good defense or offense - save more or make more."

There are many ways to save money and it could go a long way toward helping your budget. Cut down on coffee drinks. If you put into savings $4/day you would have spent on a latte at Starbucks, the money would grow in 30 years at 5% interest to $100,000. If you do want something to drink, buy a bottle of juice: It's better for you and cheaper. Pack lunch. Spending $5~$10/day going out to lunch will quickly add up.

Whenever you buy anything ask yourself 3 times "do I really need this?" Chances are your quality of life would be better without it. Power of compounding interest, basically, saving when you are young will put time on your side. When you are ready to retire in 20~30 years, your money will be earning serious interest. Spend money on people, not things. Live just beneath your means. You don't have to be live like a pauper to save money, just go one step below what you could get. Instead of a BMW, buy a Acura. Instead of a two week vacation, go for 10 day vacation. Save the rest!

3 comments:

  1. Nice Post. Compounding interest is really great specially if your with stock trading or investing in stock market.

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  2. Very well said, thus its the secret to wealth, spend less than what your earn and invest what you've saved

    nestie
    www.wealthbuildingphilippines.com

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