I've been on a finances kick recently. It started when I heard a person being used as the financial expert to give advice to those who were in the studio audience of Oprah (that's right, I watched Oprah this week).
The advisor didn't say anything I hadn't heard before. She even used many cliche's while giving her opinion in response to people's questions.
So when it comes to advice like, "a penny saved is a penny earned" or "pay yourself first," I find that many lines are quoted without being practiced.
Now I'm curious. What financial advice, and from whom have you found to be a staple, or at least helpful in your life?
What recommendations do people have for saving and investing on a tight limited budget?
Give me your best, and good luck, I've heard and read a lot, so I'm fairly savvy, just undisciplined.
Friday, November 02, 2007
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2 comments:
I offer these thoughts not because I am necessarily successful at following them myself but because I think it makes sense and I desire that I would do it better:
-Give 10%, Save 10% and live on the rest.
-Pay with cash (as in money currently available to you in your account) and if you can't pay with cash, then don't buy it.
(But you've probably heard these before.)
One thing you can try to help in saving is to save 10% of any pay raise. You still get an increase and since you are not used to living on the new raise, it is not a hard adjustment. The same principal applies to unexpected receipt of cash for birthday or Christmas. Save 10% and only spend 90% of it. Over time these savings add up.
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