2006-10-05 01:41:07 · 8 answers · asked by mr.grammar 2 in Business & Finance ➔ Personal Finance
Spend nothing!
Nothing makes money grow more than by adding to it. Soon it is big enough to grow on its own and that is where independent wealth comes from.
Every time you go out to buy something, put that equal amount away into a jar, savings account or sock. Once a month, once every six months or annually, take that money and put it in a mutual fund ((that you have done your homework on)).
Its not how much money you make...It is how much you KEEP. Stop spending it all and soon it will grow.
Very few people I have met in my life have the discipline to do this. I hoarded as a child, My family has the "hoarding gene", it has worked well for us.
2006-10-05 01:53:48 · answer #1 · answered by Kitty 6 · 0⤊ 0⤋
Pay yourself first. Have 10% of your paycheck automatically deposited into a savings/investment account on the day that you get paid.
Figure out how much you spend and where you can cut back. Track every penny you spend for 30 days and see where your money's going. I bed you'd be shocked.
Learn how to economize. Use coupons, shop sales, buy in bulk, share expenses with others - get creative.
There are tons of websites/books out there that give you hints on how to save.
Good luck!
2006-10-05 09:30:23 · answer #2 · answered by personal_finance_101 3 · 0⤊ 0⤋
Pay yourself first. Treat saving just like any other bill. Setup an automatic withdrawl to a savings or money market account. Start out with just $25 or $50 a month. You'll be surprised out quick it adds up.
2006-10-05 09:20:50 · answer #3 · answered by shootpar72 1 · 0⤊ 0⤋
this is an idea I read about and have been using for over a year now: 50/30/20
50% for necessities; if you wonder what those are, imagine you lost your job; NOW what would you be spending money on??
30% for fun........do what you want with it
20% to Save and INVEST................
You could 'tweak' this so the 20% is the fun money and the 30% to save and invest....
Sit down with a calculator and figure it out, when you get your next paycheck..........I wish I'd know about this 40 years ago!1
Try it..it works!!!!!!!!1
2006-10-05 11:11:41 · answer #4 · answered by Anonymous · 0⤊ 0⤋
put it on the bank in saving account so u will not have it so u will not spend it else of u withdraw it
lol i dont know who much money u have ?
2006-10-05 08:45:24 · answer #5 · answered by micho 7 · 0⤊ 0⤋
Make good plan of spending
2006-10-05 09:29:00 · answer #6 · answered by Billy 2 · 0⤊ 0⤋
Spend less than you earn.
2006-10-05 08:42:49 · answer #7 · answered by Anonymous · 1⤊ 0⤋
Will power. If you don't have will power, you will get to it and spend it.
2006-10-05 08:43:52 · answer #8 · answered by WC 7 · 0⤊ 0⤋