In these hard financial times, it can be very easy to forget some of the basic personal finance investing rules that you have for yourself. The first rule that we have talked about is saving your money first.
In today’s society, this is very difficult because we have an instant gratification society that says we need things now and if someone has it also, we need it yesterday to prove our worth. While it is our wish that you wake from this fantasy, we know that this behavior is pretty much her to stay in our financial society. Not a big deal, if you are able to plan for this state of being.
Personal Financial Investing Trick Saving Tips
Yes, in the title of this article we talked about personal finance secret saving tips, but refer to it here as trick savings tips. This was done because we had to trick you into reading this article. The deceit is no big deal cause it is for your own good. We needed you to read the article.
While browsing the headlines of many of the major news sources, we came across this article for Yahoo Finance about secret ways to trick yourself into saving and figured we would take some time to bring this to you.
From beginning investing to experienced pros, in a down economy everyone can afford to save a little more money. No one is excluded from this axiom. But in order to do so, you might have to get creative.
Here are 10 ways to consider saving more for your Personal Finance Investing goals:
1. Know your plastic personality. Disciplined credit-card holders can earn rewards points by using their cards for all their purchases and paying the bills in full each month. Consumers with less self-control may want to use debit cards to make sure that they don’t spend more than they have. In either case, your monthly statement provides a handy record of areas where you’re leaking cash.
2. Don’t trust yourself to pay yourself first. Instead, have someone else do it for you. Sign up for your employer’s retirement plan. Set up an automatic deposit with your bank to seed your emergency fund. Even Uncle Sam will jump-start your retirement savings by automatically depositing your tax refund in an IRA. And you’ll never miss money you don’t see.
3. Do what my son Peter does: Deposit your paycheck and other money to your savings accountinstead of checking. You’re much less likely to spend the money if you have to transfer it from savings. “That really hurts,” says Peter.
4. Instead of hitting the cash-back button for $35 every time you go to the drugstore or supermarket, limit yourself to one ATM withdrawal per week and make your money last.
5. When you make a credit-card purchase, record it immediately in your checking-account register. You won’t be surprised when the credit-card bill arrives, and you will have enough money to pay it in full.
6. When you subtract a check from your account, round up the amount to the next dollar. That way, you’ll always have a slush fund. Your bank may even do this for you. Sounds like small potatoes, but even if it’s only $100 every couple of months, that’s still money in the bank.
7. Toss your spare change into a fun savings bank or glass jar — anything that will catch your eye and your quarters. I know one person who accumulates $900 to $1,000 a year this way and uses the money to buy holiday gifts.
8. Bag the savings from brown-bag lunches. Each time you bring your lunch to work or pass up the temptation to buy a latte, take the money you would have spent and put it in your cash jar. It’s an immediate reward for your self-discipline.
9. Pay yourself after you’ve paid off a debt. Once you finish paying off a loan or credit-card balance, keep writing the check but send it directly to a savings or investment account.
10. Can’t decide between two items in a store? Give yourself a cooling-off period. Chances are you won’t go back.
Hopefully, this list contains a few nuggets for you to add to your list of tactics for saving more and more money. The one thing that most people can agree with is that in a down economy having cash on hand is critical and something that the financially intelligent will make sure they do to preserve what they have. And in this case it is their personal finance investing future that is at stake.
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