Do those secrets sound like common sense? They should. Most of us know that we need to budget our money, put money aside for the future, and stay out of debt, but i still can’t do it. Unfortunately, short of winning the lottery there are no secrets to building wealth. These three sound money management principles are the foundation of personal finance.
One thing is certain. If i can budget my money so that I am spending less than I earn and put some of that money into a savings or retirement account before I have time to spend it, I will be able to save money and build wealth.
Pay Myself First
Saving money is not easy, but it's essential to achieving financial well-being and securing future. One of the best and easiest ways to save money and start a strong retirement income planning program is to pay myself first. Every time I receive a paycheck, save a certain percentage of my income before spending money on anything else. I may choose to have my bank automatically deduct a certain amount of money from my account each month. This way, the money never hits your pocket, so I won't miss it.
Other ways to make saving money easier include putting away raises, bonuses, and refunds. I also may want to review Know Where I Money Goes and Shop Smarter for money-saving tips.