Don't get caught in these traps!
Today I attended a local seminar on how to learn to be a savy saver. I saw the advertisement about this event and was thinking about not going, I mean an MBA student learning about financial basics? Really, come-on. At first this seemed like it was going to be a waste of time, really what could I learn from something such as this, having completed a variety of finance, accounting, and financial decision making classes.
Learning how and where to save money to many may seem like a simple task, but we all need a reminder sometimes. Follow these 10 steps and you will be well on your way to a path of riches.
I would like to re-iterate these are not my ideas, rather what was presented in the seminar.
Be Realistic -think about what things actually cost you, what you are giving up to buy something.
The Power of Saving- small amounts saved on a shorter-term keep you saving and help you grow your nest egg easily
Understand Credit- Understanding your credit score can be very useful and save you thousands and thousands of dollars over your lifetime.
Create a Budget- create realistic budget and stick to it read more about budgets here click
Cut out the fees- ”people who use a credit union as their primary financial institution save an average of $202 yearly.
Protect yourself from Theft and Fraud- Take time each month to review your statements and bills and immediately call your financial institution or company and dispute any discrepitances.
Buy a Realistic Car- be smart and shop around- I always tell people if it is a big ticket item to never buy it the first time you enter the store or talk to the salesperson, not only can you usually get a better deal the second time around, but many times you may never go back.
Investing- Knowing the basics of investing and how interest rates work either for or against you. Be aware of investment vehicles that have high fees and eat up your returns quickly
Control Your Spending- Not everyone has the control to use a credit card and pay it off every month. If you don’t have this control consider using a debit card, cash or checks.
Set Goals and Dreams- Often many times people forget this very important step to becoming financially well-off. Setting goals helps you stay focused and see what you are working twards. Setting and meeting goals can be very rewarding and helps you feel good about saving.
Don’t fall into these traps. Knowing what to do is half the battle.