Just one this week:
+ Build a cache.
Whether it's a savings account or investing in
stocks, set aside money for the future. If it's only $1/week, that's fine.
Having a pool of money in case of emergencies helps combat
immune-system-killing stress, as well as keeping your options open should
something bad happen.
For those savings accounts, CDs, etc....it is worth it to do a little homework and get the best percentage yield. You want
your credit card to have the lowest interest rate, right? Conversely, you want
your savings account to have the highest interest rate, so that your money
(while sitting in there) makes you money. My credit union, for example, gives
me 4.8% every quarter, automatically deposited into my account. It's not a lot, but it's free money.
And speaking of investing...please please please
invest in a retirement fund (401K, Roth IRA, whatever). Pensions are a thing of the past, and even our
retiring baby boomer generation is getting very little in social security these
days. You cannot rely on anyone but yourself to financially support you in your
old age. Best to start young, so if you have any pauses due to poverty/unemployment, it doesn't hose your entire retirement!
Labels: saving money, stretching cents