“Resolution 2012—4 Steps to Saving More” (MoneyTalksNews) highlights the following four key steps to saving money: (1) Set specific goals; (2) Pay yourself first; (3) Find extra money that you can save; and (4) Grow big through compound interest.
Quick Thought:
While not the favored way to “spend” your money, putting some of that holiday cash or your babysitting paycheck into a high-interest savings account will pay off in the long run. Think of the independence you will gain by being able to pay for your own summer wardrobe or your own tank of gas. Think how responsible you will look to your parents, and how adult you will seem. The key to saving money is to remember this phrase: “short-term pain, long-term gain.” You are putting off the little things you could buy now (new video game, a couple of song downloads, a smartphone app) in order to really enjoy a larger purchase later (new car, new wardrobe, new computer, new gaming system).
Readers: What savings tips or tricks do you have to offer?
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