Keep An Eye On Your Paycheck

The typical scenario is that you get your paycheck. Once you have recovered from the shock of how little is left after taxes, you then proceed to divvy it up among all your outstanding bills, intending to put whatever is left over into your savings.

But your savings don’t grow since there never seems to be anything left over.

Paying yourself first would even be a better plan. Try not to let the money get into your hands. You may even realize that this way is a quicker way to grow your savings.

Working with an employer with a 401K plan would mean that the first thing you should do is to fund it to the max. If you can’t afford that, at least put enough in to get the full matching contribution form your employer.

Made before taxes is this investment. Because your investment is larger, the employers contribution then grows quickly.

Every month, there should be a brokerage or mutual fund company to debit your banking account. This money should first go into an IRA – if you have five years or more to go to retirement, make it a Roth IRA.

To go into a no-load, low cost mutual fund, you should also have a few dollars more to be debited. The younger you are, the more aggressive your choice of fund can be.

After that is done, then figure out how to pay your bills and living expenses. If money is tight, cut back on your living expenses and use the extra money to pay down your debt.

First, you can start with the lowest balance. Once that debt is paid, take the amount of money you were paying on that debt and add it to the payment on the next lowest balance debt. If you continue doing this, then you can be debt free within 5 to 7 years.

Another version of this method is paying the highest interest rate debt first. The principal is the same, you just see more progress with the first method, although it could be more costly based on how your debt is distributed.

Scimping at the expense of your current lifestyle is the idea here while leavi! ng your savings to grow and you debt to shrink.

Many of the people reading this will scream that this is an impossible plan. This is, however, quite doable with a little will power and the ability to delay gratification for a while.

But if you don’t do this, then the problem is that your future might turn out to be very bleak.

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