Friday, December 17, 2010

How to save for your future

We do not live forever, but we certainly would like to ensure that there would be abundance of money available when we reach the age of retirement. Plainly relying on your children to support you would be a selfish thought as i believe they would already have their own money matters to take care of. So how do we really need to go about saving for our future? Maybe you might wanna take a look at one of my suggestion.

1. Save a $100 a week (Or up to your preference)
  • A lot of people tell me thats ridiculous, $100 a week! That's equivalent to almost $400 a month!!Before you click the back button or divert from another webpage. What i want you to do now is think of the big picture. If you are able to practise a little bit of savings discipline, by continously withdrawing $100 a week and putting it somewhere in your piggy bank. Within a span of 6 months, you would have $2400 of savings!! And within a year, $4800!! You see what i mean?! Well if $100 is a little too much for you, i suggest you start small. A little can go a long way as long as you maintain the discipline. To make it even more enjoyable, rope in your spouse to do the same thing. If he or she is too lazy, offer to withdraw the money from them and help them to save. Thats what i did with my spouse. With our combined savings, we managed to save around $10000 within a span of one year. And with that extra savings, we were able to pay for our holiday trips without worrying about busting our bank accounts. Isn't that fantastic! What if you were able to save $200 a week or $300 a week, do the maths.
2. The power of coins saving
  • Once in a while or every day when you get back from work, put your hands in your pockets. Check for any coins left. Instead of using them for purchases, why not drop them into your piggy bank. I tried this method everyday without fail and although this may take some time, but with a little patience you will be surprised by the amount of coins you can save. Last count, i mananged to save $3000 and it is still increasing till now.  

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