How To Save More
BOSTON (CBS) - As a society we need to save more. Our government can print up money but you and I cannot!
Almost every goal we set or decision we make as adults has a financial component. You want the American dream; a house, kids and a comfortable retirement. That all costs money!
Saving money is important. And in order to save money you will need to spend your time. If you could save $100 on groceries and spend 2 hours doing it that is the equivalent of getting paid $50 an hour.
The sad thing about the food we buy is that the average family wastes about $2,300 in food each year.
To buy that first house you need a down payment. You have to save to get that down payment.
Having kids makes you start thinking about the cost of college. You know that a college degree for most kids means a better job. How much do you need to save to educate junior?
On your want list is a comfortable retirement. You need to save money to have a comfortable retirement.
The average monthly Social Security check for this year (2014) is almost $1,300! Can you live on that? Possibly if you are living in a trailer in Tennessee or Mississippi. Definitely not here in New England.
In order to achieve your dreams you are going to have to save more money and learn to invest. And there are ways to save on everything we do and purchase. So my plan is a Spending Plan.
I don't want you to give up the things you think are important just figure out a way to pay less for them. You can spend your money but spend it more wisely and if you are able to save on everything you purchase you could have those extras dollars needed to achieve your goals.
Saving 10% of your net pay would be a good beginning. Saving 10-40% on everything you need to purchase is a way to achieve that.
Money Conference Alert!!
On October 11th I will be the key note speaker at The Money Conference which is a FREE one-day event presented by The Office of Massachusetts State Treasury. It will be held at UMASS Boston and the first 500 registrants will get a free copy of my newest book, Money, Your Personal Finance Guide.
There will be afternoon classes on everything from budgeting to buying a house. The Financial Planning Association of Boston will have volunteer financial planners there to help answer questions. You can set up a meeting with a Money Mentor when you register. If you have questions about the conference, contact Sheila O'Loughlin of the State Treasury at (617) 367-6900 ext 615.