Begin Saving Now
Now it is time to go to the bookstore, library, and internet and
do research on saving, investing and wealth building. Also, be sure
to sit down with your Human Resources representative at work or a
financial planner to learn about how you can take advantage of the
resources available to you. At this point, the sky is the limit
when it comes to YOUR MONEY!
Meanwhile, here are a few small - and effective - savings
activities that you can begin today.
- Designate a special box, jar or container of some kind where
you can keep all of your pocket change. Beginning now, DO NOT EVER
spend pocket change that you receive in any transaction! You will
be pleasantly surprised to find that you will be "saving"
approximately $5 - 8 per week once you begin this simple habit.
That adds up to $260 by the end of the year. Want to take a short
trip? There you go!
- If you already save your pocket change, accept this challenge.
Every time you break a bill larger than $1, place every remaining
$1 bill in an envelope in a drawer somewhere out of sight. Force
yourself not to touch this money! It is amazing how much you will
save between your pocket change and these $1 bills over a month's
time. If you already save all of your $1s, then the next challenge
is to never again break anything smaller than a $10 bill. (In other
words, save all your five dollar bills.)
Once you are saving in these "little" ways, you will be well on
your way to investigating savings vehicles with more long-term
impact, such as those offered through your employer, the stock
market and other financial services.
The pure momentum and empowerment of understanding how money
grows through compounding interest will motivate you even more to
learn about and participate in long-term savings programs that will
benefit you and your family for years to come!
All of these exercises and suggestions may seem cumbersome and
like they would take forever to accomplish. Not so! Start today and
you will be well on your way sooner than you think.
To learn more about debt, credit, budgeting, saving and other
financial fitness topics, visit OklahomaMoneyMatters.org.