Friday, September 7, 2007

Money Challenge

Okay everyone. I have a challenge for you.

I challenge you to save 10% of your income this month. That may be a stretch for some of you, so if you can't save 10%, then save as much as you can. The more you save every month, the quicker you get ahead, pure and simple.

When I am doing our finances every month, I pay ourselves first before everything else. Then, you can't overspend. That money is already gone, earning interest and working for you!

Here is a fabulous book to read. Richard Paul Evans is one of my favorite authors. He is the first to say that everything in this book is not new information, but the way it is presented and given is fabulous. Here is a link to his website to explain about the book. For all you local friends that I have, I do have this book and will lend it to you if you like. I bought it at Costco for $8.

Saving 10% is the challenge for now. I will issue a new money challenge next week. For now, concentrate on saving! Make sure you are putting your savings in a higher interest earning account, not just in the bank. Some good options are CD's, IRA'S, and other longer-term saving options. I love watching my money grow, I'm sure you will too!

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6 comments:

April said...

I wish I would have known about your contest...spaced it. Almost everything in our house has been free...furniture wise. In fact I just got a free dresser for our bedroom- it us ugly but works- our couches are free from craigslist- oh and by the way...there is no way we could ever save 10% of our income...it's a nice a thought

tonya said...

Thanks for the reminder! We do it, but it good to always revise and try to up the savings amount. I will check the library for that book. Thanks Marne for sharing smart tidbits!

Tami said...

Great idea! We have been working on this goal... very tough to work it in when you already feel like there isn't enough money to go around. But I definitely am big about planning for the future and know it is a must! Another good option to put your money is in an internet money market. We have one thru Zions bank and it usually has a higher interest rate than a CD. Something to look into!

Tami said...

Okay - one more thought. If you put in 10% of your gross pay in your 401(k) - it actually ends up being probably 8 or 9% instead because you don't have to pay the taxes (withholdings) since it is pretax - so save 10% and pay less in income tax. You know me.. always looking to lower my taxes:)

Tara said...

We have a different approach... we are trying to get our house paid off ASAP. I'm good about 401k savings, but need to boost up my liquid cash savings.

Tara said...

Um, Marne can I borrow some of your $? :)

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