It's a new year and if improving your finances is part of your New Year's resolution, then you have to read this.
View detail |
There are countless money saving tips out there, but most of them can be generalize into one single idea. I have come up with these 10 golden rules that you must follow to start saving money now.
I read a report recently which said that in the US the old are getting richer and the young are getting poorer.
The statistics in the report compared the difference in wealth between people under 35 and those over 65. Back in 1984 the older people were 10 times better off than the young ones. However, the difference has now increased to an incredible 47 times.
Last week, I talked about what I learned while investing over the past month or so. One of the main points was that due to inflation, when my money is sitting in a savings account, I’m actually loosing purchasing power. However, if I was to invest that money and earn a high rate of interest, I could be earning purchasing power. At the end of the article, I came to the conclusion that I was going to put all of my savings into investments. Of course, I asked you, my readers what you thought about that.
Today, I’m going to go over a bit of an unorthodox topic. The fact of the matter is, many banks boast about free savings accounts. But, what is the underlying cost of taking advantage of one of these “Free” accounts? And, once you know the underlying cost, is it worth using one?
Have fun with your kids and kindle an interest in saving, and the power of earning interest, by using technology as a teaching tool.
“Everyone knows that they should save,” Jerry Kelly says. “But not many people know how to get started.”
If a person is in the habit of tossing their PJs in the wash each morning, they could save close to $100 per year just by wearing them three nights. $100 per person. So a family of five could save almost $500 a year. Put them to the smell test. If they smell like sweat, put them in the laundry. If they don’t smell like sweat, they are ready to be worn again.