Simple steps to saving!!

SIMPLE STEPS TO SAVING ..

1) FIRST off.. start a savings account with your kids.. Saving is a habit. 10.00 dollars pay day .. teach kids.. Saving can be fun.. MY mother did this at a very young age,, Back in the day they the banks gave you a savings book, where you kept track of your savings.. As a kid , I mowed neighbors lawn, did car washes, saved cans and saved my allowance.. It has been a life long habit.

2) Pay off credit cards.. and once they are paid off either rip them up especially the high interest ones and if you do charge something pay it off immediately. if you do the math.. buying things on credit cost you more in the long run.. than just buying something out right.. 

3) Open a savings account to get you started, I know its low interest but its better than under your bed or home safe.. nothing is earned,, and once you get to a certain level.. you can open up a IRA account . or annuity that will get you a better rate of return for your money. But you must start now.. 

4) For those about to finish paying off a car note,, take that money and put all or part of it in your savings , IRA account.. to get a better rate of return.. remember the longer you wait to save , the harder it will be for you to be ready in your retirement years.

5) How I did it..? Well when I first joined the navy , I deposited money for GI bill and savings account , automatically deducted,, that way.. I didn't have to think about saving it,,, It was taken out,,and just let it grow.. and when one of my mentors informed me about TSP . THE THRIFT SAVING PLAN.. I just made another automatic deposit into that plan.. now 100.00 dollars a month for over 20 years.. do the math.. its not a fortune,, but its a nice nest egg.. Because when I'm really retired,, age 65, and on social security? and on a fixed income because of my retirement pension.. then money will be tight. You have to start now. The future is really unclear,, but having a nest egg and life insurance and health insurance , well its a law .. if you don't comply ,, you can get penalized on your income tax returns.. so its better to be safe than sorry.

Lastly.. Develop a monthly budget.. List your expenses.. and savings.. and stick to your budget. Be sure to pay off those credit cards and once that is done.. the 20- 50 dollars can be added to your spending budget , but I rather use it for savings.. Just a idea.. pay off a credit card monthly payment and use it for savings.. Its tough but 20 years can fly by so fast,, I just served 20 years and the next 20 years.. the past 3 years of retiring from the navy has gone by very fast.. !! 

Have a great day and always look for sales , and discounts and always avoid using credit cards , because , the interest will kill any ones plans for a financial stability.. 

THE SOURCE PRODUCTIONS @2015..