Budgeting For The Future
Have you sat down and really thought about your financial
future? I know people are busy these days and you think "well
I'm young now and I'll have time to do it later." You're dead
wrong. You are NEVER too young to start saving for retirement!
They say if a 25 year old puts in $2.00 a day into a savings
account ($60.00 a month), buy the time he reaches 65 he'll have
a million dollars. However, what is a million dollars these days
- really? It's practically chump change with rising housing and
cost of living expenses.
So you have to make a budget to save for the future. Don't
expect Social Security to kick in, they're having problems
already - much less when you get to be that age!
Here are some strategies to help you save for the future and
your retirement:
1. Make a list of your monthly income. Include everything from
your wages to gambling winnings, child support receive, alimony,
and any other income you get every month.
2. Then make a list of your expenses. List everything you spend
from your utilities to your cell phone bill. Also your child's
violin lessons, pet expenses - everything.
3. Subtract your expenses from your income. Hopefully you are
coming out ahead! If not, then you need to make smart decisions
on which expenses are a necessity or a luxury. Do you really
need a cell phone, or is it just convenient? Discipline yourself
now and you'll thank yourself later!
4. Do this for several months. And then at the end of each
month, figure out where your money went that was unnecessary.
Did you go out to eat more than once a week? Did you buy your
lunch instead of making a sandwich from home?
5. Put 10% of your income into a savings plan. This is the "rule
of thumb" amongst investors on just how much you should be
saving a month. If you make $3000/mo. then you should be saving
$300. Pay yourself first!
6. Consider other options besides savings. Perhaps invest in a
401k or an IRA savings plan. Check with your banker to see which
one would suit your needs and financial situation the best.
Really that's all there is to it! Never take money out of your
savings for frivilous purchases like a new pair of shoes or to
go to a movie. That is for your future! However if your car
needs a new transmission, this nest egg is there for you!
It just takes a lot of self-discipline and the desire to want to
have financial independence. Just apply these easy techniques
and you'll be on your way!
About the author:
Jennifer Clason is the site owner and operator of
http://www.mommyjobs.com. She has been running a full-time
home-based Internet business for 7+ years now and owns more than
10 different Internet Sales websites.
written by: Jennifer Clason
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