Most Americans have more than we think. We have purchased things over the years we don’t use and don’t value anymore. I know, I know. Preach to me, right?
The truth is this: we can reduce our expenses if we really try. Track your expenses over the last three months. Chances are you will find expenses that you can cut out – in the future.
We have a saying at http://www.STICKYASSET.com. It isn’t saving unless you take it out of your checking account and put it in your high-yield money market account.
Want another saying we want to become famous for at http://www.STICKYASSET.com?
You can’t own credit cards – they own you.
Pay yourself first. What? You’ve heard that before. Don’t know how to do it? Too many bills? Too much owe and not enough income?
The ugly truth is this: If you wait until you can pay yourself first, that day will never come. You must make it a priority.
We are 100% for paying your bills. However, we feel STRONGLY that this country has become overwhelmed with the idea of “chasing a credit score.” (See “you don’t own credit cards” above).
Start today. Look at the last three months. What did you spend? What was a want and what was a need? Be honest or you will never get anywhere.
Now….the next time you get paid, take 1% of your after tax income (paycheck) and remove it from your checking account. Put it in a high-yield money market account.
Then….each time you get paid, UP the amount of savings by 1 additional percentage. Repeat until you reach 12 – 15%.
Want one more http://www.STICKYASSET.com saying?
Checking accounts are a MONEY LAUNDERING ACCOUNT for OTHER PEOPLES’ MONEY! Give yourself ANY EXCUSE to remove money from that account and put it in SAVINGS (MONEY MARKET). Repeat. Repeat.
This financial crisis is not done with us. You become the “boss” of it by saving. You’ll be glad you did.