7 Characteristics of Successful Savers

canstockphoto15497150Do you consider yourself to be a good saver? Very few people often save enough money to maintain a reasonable level of financial security .Many seniors are forced to work well into their retirement years. Adopting great saving habits can make building your savings considerably easier. Making a few small changes may be all you need to have a bright financially abundant future.
Saving money will be a slow process at first and may require many years for you to see impressive results. Nevertheless, your habits dramatically influence your results over time.

You will become a successful saver by adopting these habits:
1. Successful savers pay themselves first. It is natural for our instincts to steer us in unproductive directions. Many people feel compelled to pay all of their bills first before saving their money. It would be nice to avoid the mental burden of bills and other financial obligations. However, there’s hardly anything left at the end of the month to put toward your savings. Make a habit of saving a certain percentage of every dollar that you earn or receive each pay period.

Start out with 2% of your income if that’s all you can afford right now. Make an effort to increase the amount over time. Avoid spending this money at all costs!

2. Automatically save their money. It’s much easier and more convenient to simply have the money from your paycheck direct deposited into your bank account before you have the opportunity to spend it. There are many employers that are willing to split your paycheck and send a portion to a separate account on your behalf. This is one of the easiest ways for you to save money.
3. Learn to control their spending habits. The less money that you spend, the easier it will be for you to save. Review your spending pattern over the last month and determine if all of your money was well spent. Don’t be down on yourself if it wasn’t. Start monitoring your spending each month. Once you get the hang of it, you’ll be amazed about how much money you have accumulated.
It is reasonable for you to expect an annual return of 10% on your long-term investments. For every $100 that you spend today would be worth nearly $750 in 20 years only if it had been invested. Spending $100 when you’re at the age of 20 can cost you nearly $8,850 once you reach 65 years of age.
You should always shop with a grocery list. We’ve all gone to the store for a couple of items and came home with far more than expected. Before you leave home write out a list of what you need and stick to it.

4. Avoid getting into debt. Trying to save while in debt is similar to climbing a mountain and never reaching the top. Consumer debt is an obstacle that will make it difficult to achieve any financial goal. Anytime you’re unable to pay cash for any purchase, you simply can’t afford it.

Avoid accumulating any unnecessary debt unless it’s for an emergency or something that’s very important that needs to be paid for immediately.

5 .Set goals. Saving money is a lot easier if you have a clear picture of the reason. In other words “What is your why?” For example, saving enough money to enjoy a comfortable retirement or sending your child to college can help maintain your focus.

6. Stay on top of their finances. Most savers are aware of how much money is in their accounts and the amount of money they’ve saved and spent each month. They also keep a close watch on all of their income and expenses.

7.Take responsibility for their finances. They always pay their bills on time, stay out of debt and have an emergency fund for the future. They also take responsibility for all aspects of their financial life instead of blaming others.

As you can see, it’s possible to save enough money to secure your future. Creating good saving habits will enhance your results. By making a few minor adjustments, you can watch your savings grow a lot sooner than you’ve imagined. Start creating a budget and savings plan today!

canstockphoto3162840What is the most effective, reliable and a secure means of managing your money? The answer to that million dollar question is by Opening a Bank Account. The bank is an effective means of cashing your check, managing your finances and  providing a variety of services that will help you build your savings. It is really amazing that many people think it is better to hide their money under the mattress than to put their money in the bank.

Here are 3 key reasons why you should open a bank account today.


Build Your Savings

You are required by most financial institutions to maintain a balance in your checking and savings account. This means that whenever you make deductions from your account, some banks will require you to save a minimum amount of money in order to continue using their services. This will lead to force saving on your part, which is a good thing.

Another benefit that’s provided by banks is the fact that you are free to continue adding money to your account as much as you would like. Your money will remain safer in the bank than hiding it under the mattress. For example, if your home is burglarized and the thief get his hands on your money, you will have to suffer the loss. You will be better off leaving it in the bank since most financial institutions are FDIC insured.


Build Interest on Your Savings

You are actually earning interest on your money while it’s sitting in your account. What are interest rates? These are payments that are made by the bank to your savings account for allowing your money to stay for a long period of time. Whenever you make a deposit, your bank uses a portion of it in its loan operations where it subsequently will earn interest on the loan. The income that’s receive will trickle down to your savings which is one of the ways that banks are able to make a profit.

The more money you save in your account through your deposits, you will end up receiving a higher return on your savings.


Build Your Nest Egg

Banks will allow you to open a high yield savings account. Certificate of Deposits (CDs) and other types of investments will require you to leave your money for a long period of time and the return on your investment will possibly be double the amount than what you would normally earn in a regular savings account.

You should take advantage of their services by speaking with a financial consultant about opening a retirement account. This will allow you to have enough money to live on when you retire from your job. Don’t put this off.

The sooner you build your nest egg, you will better prepared for emergencies and have a financially free lifestyle.


You have the option to open a bank account either in your local area or online. Make sure you do your homework by finding out which bank offers the highest interest rates. You also need to be aware of the amount you will need to pay for monthly fees, especially if you choose to open a  checking account. Also check out the amount that’s charged for overdraft fees in case you spend over the amount that you have available in your account.


Talk to an advisor at your bank about Opening a Bank Account. They offer a variety of services and your money will be in good hands. Start building your savings today and watch your money grow.

Money Management Lesson For Newlyweds

canstockphoto14516096Congratulations on finding that special person that you want to spend your life with. Now that the honeymoon is over, it’s time for you to learn how to adjust to your new life together. It’s time to set yourselves up for a long and successful marriage. Unfortunately, being lovey dovey isn’t enough to keep a marriage together. Having a financial plan should be your top priority when starting your lives together. After all, money problems are the number one cause of divorce for many couples. There are steps you can take to avoid financial conflicts.

Below are some Money Management Tips to get you on track:


Set Up a Budget

Sit down together and list all of your household bills along with your weekly expenses. This will give you an idea of where your money is going and things you will need to cut back on. You can write all of this on a sheet of paper or use budgeting software programs such as Quicken Organize Your Money and Quicken Deluxe. There are even budget planners available that will help you stay on top of your finances. If you accumulated debt prior to getting married, you may want to consolidate this debt and pay it off as quickly as possible.


Avoid Using Credit Cards

Many people fall into the trap of using their credit cards for nearly everything right down to their morning latte. Although, credit cards are a convenient way to pay bills and everyday purchases, it can also put you in a lot of debt if you are not careful. You should avoid using credit cards since the interest will be charged to your card each month. Keep the card with the lowest interest rate in your wallet to be used in case of an emergency.


Open a Savings Account

Opening a savings account should be a top priority on your to do list. This will get you both in the habit of putting money away for vacations, making large purchases and saving up for your retirement. If you are currently in debt, start placing a small amount of money in your account each pay period until it’s paid in full. This will create your nest egg, which will allow you to buy a house, start a family and to pay for activities that you enjoy as a couple. A savings account will also prevent you from accumulating credit card debt.


Pay For Your Purchases In Cash

Paying for your purchases in cash will do two things for you:  First, you will find out how far your money really goes. Secondly, you will more than likely avoid making unnecessary purchases. When you are out shopping, carry just enough cash in your wallet for items that you plan to purchase. The less cash you take with you, the less money you will be able to spend. This will allow you to add more to your savings and retirement account.


It is common to have some financial difficulties, especially in the beginning of your marriage. By having a budget plan in place and utilizing the Money Management tips above, this will avoid financial conflicts down the road. Living debt free will allow to you enjoy fun things together and grow your nest egg much sooner than you imagined.



canstockphoto9190666Do you find yourself without money before payday? You may find yourself  borrowing from friends and family or go without money altogether. If you are struggling every month trying to make ends meet, it is time to give your family a Money Makeover. There are some adjustments you can make that will make your money stretch beyond your belief.


Look For Better Deals

You can find better deals on anything from groceries to your monthly cable and mobile phone plans. If you find yourself spending a large amount of money for groceries, there are online coupon websites where you will find great deals on food, beverages and even clothing. Saving 50 cents to one dollar off an item may not seem like such a big deal, but this will save you a lot of money down the road.

Another way to save money is by searching for better cable television and mobile phone plans. If you are struggling to pay your monthly bills, contact your service provider and ask if there is a way you can change over to a cheaper plan. If you are not under a contract, you have the right to go with another company or do without the service altogether.

You can also find better deals on insurance policies. If you feel that you are paying too much for your car or health insurance, do some comparison shopping. Before you renew your insurance, you may find that it’s cheaper to buy insurance online than by going to an insurance company in your local area.

If you are comfortable with your current insurance agent and do not want to shop elsewhere, contact their competitors to find out if they have better deals. If you find one, check with your current insurance holder and see if they will match the price. People are more likely to match prices to keep your business, especially in today’s competitive market.


Set Up a Savings Plan

If you do not already have a savings plan, now is the time to take action. It’s really important for you to have a savings account that will sustain the household for three to six months in case of an emergency. You can start building up your savings by putting away a small amount of money from your paycheck each pay period. Once you have enough money in your emergency fund, then you can focus on building on your savings even more.


Plan Your Retirement

Having a retirement plan is important, especially if you don’t want to spend your golden years working on a stressful job. Social Security programs are running out of money and may not be available when it comes time for you to retire. This is why it’s important for you to plan ahead. Look into IRAs or other interest-yielding accounts for you to build up enough money for your retirement. If you need help contact a financial advisor at your bank.

You and your family will have a lot to gain by giving yourselves a Money Makeover. By shopping around for better deals, building up your savings for retirement and family emergencies, everyone is doing their part preparing for the future. Implement these money savings methods where possible and watch your nest egg grow.


canstockphoto1049130In this uncertain economy, it may seem difficult to put some money aside, but it is much easier than you think. There are many different ways you can save that you would normally not count on seeing in any event. These savings will add up over time and create a nice cushion for you and your family just in case that money is needed in case of an emergency or to reach your goal of an early retirement. Below are Five Easy Ways to Save $1000 in 30 Days Even If You Don’t Know Anything About Money.


Save Money From Your Tax Return

Saving money from your tax return is one of the quickest ways to add $1,000 into your savings. Many people make the mistake of spending the entire amount they receive from their tax return as soon as the check is deposited into their savings account. This is a big mistake. It’s okay to spend a small portion on having dinner out, going to the movies and doing the things that your family enjoy the most. However, it is best to add the rest of the money into your savings in case of an emergency such as home and car repairs as well as medical expenses.


Set Aside Money From Your Paycheck

You should consider setting aside some money from each pay period to be deposited into your savings. The money will not be available for spending unless you take a trip to the bank.  If you can set aside $50 to $100 each pay period, you will add thousands of dollars to your savings before you know it (if you don’t touch it). If you’re not able to save that amount of money at this time, you can put as little as $5 to $10 per pay period. It may not seem like much but, it will add up over time especially if you have an interest bearing account.


Live on Your Current Salary When You Get a Raise

If you receive a raise from your job, live on the salary that you are currently making. Let’s say that you receive a 2% raise per year. That means you will add that 2% raise into your savings account. Consider placing that extra amount into a savings account each period if you are comfortable living on your salary. Your standard of living will be the same, yet increase your savings at the same time.


Save Your Pocket Change

You may think that  pocket change won’t make a difference, but it does. You can start by adding it in a large coin collection or an empty coffee can. When the jar is full of change, you can wrap up the coins and deposit the change into your savings account. Many people make the mistake of disregarding the coins and finding it all over the house. Change is money too! Believe or not, it will add up after a while and depending on how much you save it will add hundreds of dollars to your savings.


Cash in Your Recyclables

You can make a little cash by saving aluminum cans and plastic bottles depending on where you live. When you receive the money from the transaction save the money and place it in the change jar or into your savings account. This will increase your savings over time.


Reaching your goal of adding $1000 into your savings in 30 Days isn’t hard. However, if you don’t have that amount of money right now, you can still add thousands to your bottom line but slowly. It isn’t necessary for you to put away hundreds of dollars at a time from your paycheck. Think of it in small terms as saving your tax return, collecting your change and putting away your raises in your savings account. All of these tips are small, yet great ways to save money. You will have enough money for a rainy and even gain wealth quicker than you think.

Cheapest Ways To Pay Off Your Credit Card Debt

canstockphoto9786423Are you looking for the cheapest ways to pay off your credit card debt? If you have been struggling with credit card debt, it makes sense for you to pay it off really quick. The faster it is paid off, the better your credit score will be. The faster it is paid off, the faster you will be able to focus more on saving money. The faster it is paid off the sooner you will enjoy one less stressor in your life. However, paying it down fast may not be your primary goal right now. You may be looking to pay it down as cheap as possible instead.


It won’t be the same for everyone. It all depends on your balance as well as your interest rate. Finally, the cheapest way to pay off your credit card debt will also depend on your assets. Let’s take a look at a few possibilities to pay off your debt.


Use Your Savings

If you have a savings account, take a look at the amount of interest you are earning on your money. Compare it to the amount of interest you are paying on your debt. If you’re paying more on it than you’re earning, then you should consider cashing out your savings to pay off your debt. Once you wipe away your debt, then you can once again begin focusing on your savings. If you’re no    longer making any monthly credit card payments, you may be able to start rebuilding your savings quite quickly.


Debt Consolidation

Do you qualify for a debt consolidation loan? If so what is the interest rate? Compare the interest rate of a loan compared to the interest rate that you are paying on your credit card debt. Most often you are paying credit card companies much more than you would be paying a bank. For this reason, make sure once you’re through paying off your credit card debt that you cut up those cards. Once you run a balance on them, then you are paying back the loan and paying on your credit.


Home Equity

Home Equity Loans may be an option depending on the market, how much equity you have on your home and the interest rates. In addition, a portion of the interest that you’re paying on a home equity loan is tax deductible. However, like a debt consolidation loan, you will jeopardize yourself by running up  your credit cards again and paying two loans simultaneously. This should be used as a last resort.


Pay It Off

Finally, you should consider cutting back on your expenses and paying more than the minimum balance on your credit card each month. This is often the cheapest and the most cost effective way to pay off your credit card balance. There are other ways to pay it off such as getting a second job, selling your car or moving into a cheaper apartment if needed. The faster you pay off your credit card debt, the cheaper it’s  going to be.


If borrowing isn’t an option for you, and we didn’t mention borrowing from your friends and family and you don’t have any savings to pay off your debt, consider taking drastic measures. Get a part-time job, pick up some freelance work or sell some of your valuables by having a garage sale or use an auction site like eBay.

Using your savings, cutting back on expenses and debt consolidations are some of the cheapest ways to pay off your credit card debt.  You’ll be relieved once your credit card debt has been eliminated for good.

For more tips on  building your savings, sign up for the 10 Part Mini Course.



Earn Money In Your Spare Time

Earn Extra Cash In Your Spare Time

There are days when you may find yourself bored with nothing to do. You may decide that you would like to read a book, take an afternoon nap, watch your favorite television shows or to engage in your favorite hobbies such as sewing and gardening. Instead of looking for something to do where you don’t have to spend any cash, it is best to pursue things that will allow you to earn some extra money.  You should consider using your free time by finding a part-time job or starting your own business. Here are 3 top reasons why you should earn extra cash in your spare time.


Add More Money to Your Savings

Having a part-time job or your own business is an excellent way to add extra money to build your savings account. It is best to put away money just in case you run into an emergency such as medical bills, unexpected home and car repairs and to have enough money to pay your household expenses. There are times where you may experience having an illness when you will need to seek medical attention. Medical bills can get quite expensive especially if you have don’t have any medical insurance. You should also expect to pay for  ongoing maintenance on your car and your home as well since there will be a little wear and tear over time.

You should strongly consider having at least six months of funds put away if you happen to lose your job.



Make Good Use of Your Free Time

Instead of sitting around the house doing nothing you can use your free time by earning a paycheck. This will also enable you to learn new skills while meeting interesting people. You can utilize the skills that you’re learning from your  part-time job to transition into starting your own business.

Despite these uncertain economic times, there are still opportunities to start a side business from home. You have the option to work in the evenings or on the weekends. Many big and small companies are outsourcing different jobs to dedicated and hardworking people like yourself. It is a win-win situation because you will earn yourself some money while they (the company) will save money by not having to pay hourly wages and insurance for a full-time employee.


Do What You Love

You may be currently working on a job that is stressful or it just pay the bills. You may find a part-time job doing something that you are passionate about. Furthermore, you may get an offer for a full-time position where you’re able to do things that you enjoy the most while you’re getting paid for it.

There are opportunities out there that you can turn your hobbies into a business. For instance, If you are an animal lover you may want to start a dog walking business. You can also start a pet sitting or a dog pooper scooper service in your local area. People have busy schedules nowadays or they just have no desire to do these things. They are willing to pay you to do these tasks for them.


Adding extra money to your savings,  making good use of your free time and doing the things you love the most are 3 Top Reasons Why You Should Earn Money In Your Spare Time.  As long as you keep track of your savings, earning extra money with a part-time job or a side business will possibly get you on your way to building wealth for you and your family.

For more budgeting tips, sign up for the 10 Part Mini Course or if you like what you’ve just read share this with your Facebook and Twitter friends.


canstockphoto5998338Whether you have recently retired or have been for quite some time, adjusting to a fixed income can be a challenge in the beginning. After years of earning and spending, it is time to create a budget that’s designed to not only stretch your dollars, but also to give you the quality of life that you deserve. The usual savings strategies will still apply such as turning off the lights and lowering the thermostat. Let’s take a closer look at other ways on how seniors can build savings and live comfortably after retirement.

Being a senior citizen does have its advantages. Many retail outlets offer senior discounts on certain days, which can get high as fifteen percent. Restaurants, broadway shows, movie theatures and even museums offer discounts to seniors. Since you are now retired, you have the advantage of being able to do your shopping at any time. This will give you time to make out your list before shopping and will allow you to visit all stores in a single day to achieve maximum savings.

Buy the generic brand products as they usually provide the same results at a lower price than the brand name items. Purchasing products such as paper towels and toilet paper in bulk when they are on sale is just one way to save you more money. In addition to the sales, clip coupons to boost your savings. Many supermarkets offer double coupons up to 99 cents, so be sure to ask the store manger or the cashier if they offer these great deals.

If you would like to enjoy the nightlife, why not check out the senior centers in your local area. The centers are made up of people that’s usually in your age group and have wonderful events planned weekly such as bingo, dancing, casino nights and movies. The best part is that you will  only need to pay a small fee for an enjoyable evening out. The most rewarding part is you will develop friendships with other seniors who have the same interests.

Living on less does not mean you have to be deprived of the things you enjoy. Open your mind to doing activities that cost less. Taking a walk in the park or a swim on the beach won’t cost you a penny. If you currently are not an active driver you can sell you car and rely on family and friends or take public transportation. The transit system in your area will most likely offer discounts to seniors. The upkeep and maintenance of a car is a hefty expense and so is the price of auto insurance. If you no longer need a car, you will have more money in your savings.

Taking advantage of discounts, living with less and enjoying your favorite activities on the cheap are some of the ways how seniors can  build their savings and live comfortably after retirement. Adusting to less can be a challenge in the beginning, but it will eventually become a way of life. There are many benefits you can enjoy being a senior so take advantage of them and watch your savings grow.

For more budgting tips, sign up for the 10 Part Mini Course.