Improving your financial knowledge
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06-15-2009, 05:03 PM
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#1 (permalink) |
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Undercover
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Improving your financial knowledge
as a society i think a lot of us know how to spend money and are not sure how to make our money work for us.
there are many ppl that just don't know what to do with their money.. use this post to ask any financial questions that you may have and see the feedback that you get.. this may be a great help to us all |
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06-20-2009, 03:13 PM
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#2 (permalink) |
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Female Imixer!!!
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What are some ways to make our money work for us?
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06-23-2009, 03:28 AM
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#3 (permalink) | |
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Registered User
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1st you start by paying yourself 10% of your salary to your savings account. |
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06-23-2009, 02:07 PM
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Ban Obama
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Should your saving account be one thats only accessible a few times a year? |
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06-23-2009, 10:16 PM
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Above and Beyond
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For example, if your company raised your salary this year, then you should keep on living to the budget of your prwvious salary and use the raise as savings. Therefore the next time you get another raised, you will live according to the previous paycheck that you did not inherited. Also use this formula when you get promoted. If you were a salesman, but next week you are the new floor supervisor then you should continue living to the budget of a salesman. Same for your if your a lieutenant and now elevated to a captain, then stay within the means of a lieutenant. I bet if anyone follow this formula their savings will increase steadily.
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07-02-2009, 02:40 AM
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#6 (permalink) |
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coeur
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TriniTrini- save more than you spend.
Look for bargains. Ignore what you don't need. Use coupons and stock up on what's on sale. Don't pay full price if you don't have to. Be creative with what's in your closet and with food items that are on sale. |
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07-02-2009, 06:24 AM
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#7 (permalink) | |
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Female Imixer!!!
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`` `` `` `` President Barack Obama!!!! Be the change you wish to see in the world. Let us work with others to change our communities. |
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07-02-2009, 06:33 AM
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#8 (permalink) | ||
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Female Imixer!!!
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Just act like you never got a raise or more money. Using the increase to save for the future is a smart thing. One question though do you think one should save the bulk of the pay raise for the future but start saving a smaller portion for a splurge fund?
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`` `` `` `` President Barack Obama!!!! Be the change you wish to see in the world. Let us work with others to change our communities. |
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07-02-2009, 06:53 AM
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#9 (permalink) | |
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coeur
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re: Don't pay full price if you don't have too.
You're right on the money. Wait till the item is on sale or marked down. Look online for coupons before going out to shop. Make a list of items/ food you purchase and be a savvy shopper. Double up on coupons and store discounts. Buy what's on sale and pair it with coupons. Negotiate a lower price. Walk away if you have to...soo many times the salesperson will negotiate further or call you within a few days with a better price such as with a car. With this economy merchants have lots of discounts. However, some things you may need right away and have no choice but to purchase at full price. Think of ways you can trade services...in the legal way...lol for e.g. you'll wash for someone or babysit if they fix your computer.
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07-02-2009, 08:08 AM
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#10 (permalink) |
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Freedom
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The best advice I can give right now is to join a credit union at your job if you can. I joined mine a yr ago and I surprised my self when I saw how much I saved. I'm very much on track to reaching my new years resolution. When u join, the money is deducted from your salary so most times u 'forget' u are saving money because u get used to living on your take home instead of your actuals and before you know it, you have fat ass savings.
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07-03-2009, 01:34 AM
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#11 (permalink) | |
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Registered User
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When your savings reach a certain amount invest it into an IRA. Should your saving account be one thats only accessible a few times a year? It's nice to have CD's but you want to be able to move your savings into something more concrete. |
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