Count your money – avoid the money black hole – start saving money

Count your money and start saving money now

by Lora Fickett

People always ask me how to start saving money.  Some financial coaches talking about cutting out your daily coffee and saving that money.  Well, what is that going to do for you?  Sure, if your coffee costs $3 a day, you’ll have an extra $1,000 at the end of 1 year.  Investing it at 6%, you’ll continue to add $3 a day to it plus interest every year and have approximately $15,000 after year 10, $46,000 after year 20, and over $91,000 after year 30, but you might be cranky for 30 years without your coffee!!!  Now I never drank coffee, so I should have at least $50,000 extra right?  Wrong.  The money went somewhere else?  But where?

Well in my earlier years I admittedly wasn’t as good about counting every penny like I am now and so although it didn’t go to coffee, it went into what I call “the money black hole”.  My money used to control me, but now I control it, I tell it where to go, every little bit of it.  I’m now able to form good habits about putting aside that extra money.  If you do that in a few different areas it really adds up!  So don’t let your money control you or end up in the money black hole, tell it where to go.

You don’t have to cut out your coffee, you can, but we all have payments that stop.  Maybe we were paying a credit card and it’s now paid off, or a gym membership we weren’t using that we canceled, or an athletic fee for our children that is now paid in full, you get the idea.  Take that payment you were making and start saving it instead of letting it go into the money black hole!

For more tips, tricks and tools follow me on facebook www.facebook.com/financialstressreduction

 

mbateam

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