Budget For Your Future

When was it that you sat down and really thought about your financial future? People are busy these days and you think "well, I'll have time to do it later." You're dead wrong. It is NEVER Too Late to start saving money!

If a 25 year old puts in $2.00 a day into a savings account ($60.00 a month), by the time you reach 65 he'll have a million dollars. However, what is a million dollars these days - really? It's practically chump change with the rising cost of living, especially housing.

So you have to make a budget to save for both emergencies and the future. Don't expect Social Security to kick in, they're having problems already - much less when you get to retirement age!

Here are some strategies to help you save for the future and your retirement:

1. Make a list of all your monthly income.
   
   
2. Then make a list of all your expenses.
   
   
3. Subtract your expenses from your income. Hopefully you come out ahead and not spending more than you make. If not, then you need to make smart decisions on which expenses are a necessity and which are not. Do you really need a cell phone, or is it just convenient?Discipline yourself now and you'll thank yourself later!
   
   
4. Do this for several months, making adjustments to your budget. And then at the end of each month, figure out where your money went, especially unnecessarily. Did you go out to eat more than once a week? Did you buy your lunch instead of bringing a sandwich from home?
   
   
5. Put 10% of your income into a savings plan. This is the "rule of thumb" amongst investors on just how much you should be saving a month. Pay yourself first!  Even the Bible says, 'God helps those who help Themselves.'  It's not being greedy, it's being wise!
   
   
6. Consider other options besides savings. Perhaps invest in a 401k or an IRA. Check with a financial planner to see which one would suit your needs and financial situation best.
   

Really that's all there is to it! Never take money out of your savings for frivilous purchases like a new pair of shoes or to go to a movie. That is for your future! However if your car needs a new transmission, the emergency fund is there for you!

It takes self-discipline and the desire to want to have financial independence. Apply these easy techniques and you'll be on your way!