We see millionaires, home owners and lots of wealthy and well to do individual all around us daily as we sojourn here on this earth. How did these folks manage to get where they are and how did they manage to achieve so much? What is their secret? What is the mystery behind wealth and holding on to it?
Well a great deal of the mystery and secrets of wealth has to do with savings. Yet most of us goes through life without that ability to save or without much savings. Can we become disciplined enough to save and yet enjoy our life? How can begin? Below are only one of the many suggestions that can help get you started.
Step 1. Budget your income and expenses.
Without a plan you will will always end up back at square one, that is "nothing saved" and all your earnings spent on some good stuff but on some frivoulous and unnecessary things as well. So to avoid this pitfall, devise a plan called a budget to show all your income and expenditure. It is important that you treat your planned savings (about 10% of your income weather monthly or weekly) as an expenditure. Once you saved this 10% of your income whether weekly or monthly you cannot touch it, because you are treating it as an expenditure as if it does not belong any longer to you. Here is a brief Budget outline
Weekly Budget - 2007
Income:
Wages - 400
Interest from Savings 30
Total Income 430
Expenditues
Savings 43
Rent 130
Goods 60
Heat & Electricity 20
Clothes 30
Telephone 15
Cable TV 20
Misc 25
Total Expenditure 343
Other Savings $87
This is all for now. I have to run.
Email me: Persaudanthony@yahoo.com
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