How to Save Money for Things You Want
Start by opening an account at a credit union., Put some of your money from each paycheck into a savings account., Increase your monthly savings amount next time you get a raise. , Put any bonus money in this savings account as well. , Once you have...
Step-by-Step Guide
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Step 1: Start by opening an account at a credit union.
(The benefit of using a credit union instead of a bank, is credit unions are non-profit.
Unlike a bank, they aren't trying to make money off you with fees.) -
Step 2: Put some of your money from each paycheck into a savings account.
The interest generated will help you in the long run. ,,, This will grow faster than a savings account, which will never keep up with inflation. , Stick to one time a month , for example.
Making dinner at home will be more cost effective and if you go out infrequently, you will enjoy it more when you do go out. , Example: don't buy the magazine at the checkout stand. , you can possibly make ten times what you paid for it.
However, be aware that bonds are a very low yield investment and probably won't beat inflation.
So though you will feel richer in thirty years, your money just won't buy as much as it buys now.
Bonds will keep you safe but won't help you get rich. , Make a pot of it at home, and put some in a portable container and take it with you. ,, Wait until you are older and richer before starting a wine collection, and before learning to play golf, for example. , Small houses are cheaper to furnish and you will pay off the mortgage faster too. -
Step 3: Increase your monthly savings amount next time you get a raise.
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Step 4: Put any bonus money in this savings account as well.
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Step 5: Once you have enough money in your savings account to meet opening balance requirements for a mutual fund
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Step 6: open a more aggressive investment vehicle
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Step 7: perhaps a stock index fund.
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Step 8: Set a limit on going out to eat.
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Step 9: Don't buy things you didn't plan on buying.
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Step 10: Buy an EE bond
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Step 11: and let it collect interest for 30 years.
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Step 12: Don't buy coffee every morning.
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Step 13: Keep bottled water in the car so you won't have to stop to buy a drink when you get thirsty.
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Step 14: Choose hobbies and past times which are not particularly expensive.
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Step 15: Buy a small house.
Detailed Guide
(The benefit of using a credit union instead of a bank, is credit unions are non-profit.
Unlike a bank, they aren't trying to make money off you with fees.)
The interest generated will help you in the long run. ,,, This will grow faster than a savings account, which will never keep up with inflation. , Stick to one time a month , for example.
Making dinner at home will be more cost effective and if you go out infrequently, you will enjoy it more when you do go out. , Example: don't buy the magazine at the checkout stand. , you can possibly make ten times what you paid for it.
However, be aware that bonds are a very low yield investment and probably won't beat inflation.
So though you will feel richer in thirty years, your money just won't buy as much as it buys now.
Bonds will keep you safe but won't help you get rich. , Make a pot of it at home, and put some in a portable container and take it with you. ,, Wait until you are older and richer before starting a wine collection, and before learning to play golf, for example. , Small houses are cheaper to furnish and you will pay off the mortgage faster too.
About the Author
Daniel Martinez
Experienced content creator specializing in pet care guides and tutorials.
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