Saving money can be difficult, and most people find it a challenge to make ends meet after paying their bills. During the recent downturn and credit crunch, it has become increasingly difficult for many people to make ends meet. To make matters worse many people have received a pay-cut or it might be their hours, their hours become basically gone. Most people are simply living from one pay check to the next.
But what if you were to start a savings nest egg where you paid yourself first? What is this great Saving Money scheme? The concept behind it just simply says that you pay yourself and then the rest of your monthly expenses are met on a regular basis. Maybe you are a small business owner who is only just paying yourself an average salary. In this case the concept of Pay Yourself First is a better option.
You could set up a simple bank transfer and allocate part of the money to covering the food bills. Now obviously if you have company food costs will be higher than your family food needs, but at least the rest will come in handy each month. As you gain more financial freedom and have residual income that the hard work will pay off in your later years, you can plan how to add to paying yourself first.
The process of saving money as described in the above example is very simplistic. Basically you start re-directing money that is going to your savings account to cover regular bills. It could be that all of your utility bills and mortgage and rent is paid for a certain amount of time; however you add to your saving of $1000 a month by increasing the amount received from your savings account. For these and other little things that build up in your savings each month you can allocate money from your pay check. With added adult supervision and encouragement you can be a better saver and be on your way to financial freedom.
You can even establish a direct transfer onto an other person’s bank from your pay check or from your work payments which are usually credited as bonuses at the end of each month. One of the best questions to ask yourself is, “Do I earn enough money to be able to save a little monthly? pokergalaxy“
Saving Money can be a great way to become a better saver in only a certain amount of time. Simple saving means that it is all about taking control. Your after tax pay check is the beginning of all savings because you earn that money, and the larger the amount the more savings you will earn.
Many people find it difficult to save as they do not have the income or can’t control their spending. Many college students have to get a credit card with their parents in order to buy Gas for their cars or Food for their meal at the college while at the college. People can have it much easier and less difficult if they are saving money. Also, saving money has been around for quite some time and people that are saving money will find 12 hours of fun in watching their money grow in the bank account much quicker. In this time of shrinking opportunity, you shouldn’t be saving money during this time of financial stress and threat. You can save money when everything is smooth sailing, or if you look at it as the way of life, when the wheels are moving slowly, all you have to do is let it all grow.