Savings Archives - MoneyWatch101

6 Creative Ways to Save and Eventually Replace Income

They say if you can save 25 times annual expenses that you can retire so lets play a fun game of thinking in terms of 25 times saving goals. Below is a fun list to get you to think differently about money. I believe we all have the opportunity to win with personal finance and it merely begins with choices. The choice to save 25X expenses is very difficult and I wont sugar coat it. But with every passing day and year, you can get a bit closer. See below for the 6 creative ways to save and eventually replace income.

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What is Your Personal Savings Rate?

Did you know the recent savings rate was released by the government agency in charge of tracking this vital information, and I bet you already knew it is pretty low. How low do you ask, my financial smart friends? It is a pleasantly never reaching retirement figure of 5 percent. What is your personal savings rate?

What can you do with 5% in the future? It might cover the cost of gas, cable, and food but then that’s it. Who or what will help you pay for shelter, entertainment and any other fabulous budget categories we all cannot live without? If you say Social Security, I say bite your tongue right now.

Did you know that the earlier you start saving the sooner you will be done, and the sooner it will grow, and the less you will ultimately need? But you already knew this right?

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8 Creative Ways to Save Dollars

Hello friends today is another money saving opportunity to help you reach your savings goals. We can achieve so much financially if we focus and stop placing limitations on our ability to save more. I have a few pieces of financial information to make you rethink the normal way to save money. The 8 creative ways to save dollars was established especially for you, to conquer any money goals you need to complete in 2016.

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Who wants to Join The 20% Savings Club

OK now I know most people in the financial news media, repeat and regurgitate the save 10% of all income all the time. But I say forget that; let’s do the best we can today. Let’s begin to save at least 20% of all income for life. Who wants to join the 20% savings club? Well if you’re asking and I’m telling, it means all of us should join the club. If you make 1,000 or 25,000 dollars a month it really doesn’t matter, let’s set aside 20% based off income for life. The strategy will be a bit different from the norm, as you will take 10% in pre-tax savings, like 401K accounts or Roth IRA’s, and the other 10% in after tax savings like a brokerage account. Who wants to join the 20% savings club? (Everybody Should)

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What is Savings

If I said before I’ll say it again, savings is a means to an end. What end that will be is completely dependent on what you value for your money life. What is Savings? Something as simple as taking 3 years off to raise you’re kids, can be a savings goal. Another one can be saving for a business venture. We tend to over assume things will just work out, and we don’t prepare enough with finances. What is savings defined in my life, well you will soon read below.

When you have long term savings goals, life gets interesting because you’ll usually achieve them, but without a plan you will most likely just get by completing smaller savings goal. Lets rev up our internal engines or brain waves and save some cold hard cash.

No excuses here for this topic because having savings is and should be a priority even above paying Chase. Because Chase will never cover your monthly expenses if you lose a job. Find out below why you need savings today.

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Creative Ways to Save Dollars

Money is a difficult tool to understand or grasp the gist behind how to manage it. No literally people cannot find a way to keep it in their possession for long. This will not be my usual post and rather it will be inspiring and motivating write up for the readers who want more out of life. Do you want to be the same person you were 5 years ago, specifically in the same spot financially?

Well if you’re up to the challenge follow the creative ways to save dollars listed below. We all have goals and if you publicly admit you don’t have any, shame on you. Let’s get back on track with the positive thoughts we all prefer to read about.

Imagine 5 years in the future and you accumulated $20 grand because you followed the steps below. Wow what a fantastic “brand new” person will stare back at you in the mirror at the reflection of somebody financially relevant. Yes you were always important, but if you had $20 grand in your savings account that you never had before in your entire life, wouldn’t that make you feel more secure and proud to achieve a mega money goal. Now let’s get into the best creative ways we all can use to save some greenbacks.

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All the things I’ve owned for 10 years

Making a list like this is not easy as we live in a consumer driven society. Which means that most people are constantly upgrading things before it’s even necessary? Can you remember all the things you’ve owned for 10 years? This my very own experiment to really test how long things can last and instead of just throwing things out because a shiny new product is glimmering from the retail store display. All the things I’ve owned for 10 years is a real feat, because I’m breaking records and have no desire to make any replacements unless its necessary.

Stuffitis is a real disease going around since before the 1970s, no really I was not even born yet, but I read history books. Garages all over America have been filled with all the extra stuffities, including 2 retro refrigerators because folks buy new ones instead of replacing a little motor.

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What is Wealth

This post will be a short one as I am swamped with work and in addition have crazy demands on the family front. It will be about the best topic in the personal finance world to discuss, and it is called what is wealth.

Wealth has been defined by Investopedia as: A measure of the value of all of the assets of worth owned by a person, community, company or country. Wealth is found by taking the total market value of all the physical and intangible assets of the entity and then subtracting all debts.

If you do this money management exercise it will reveal a positive number and you might be ecstatic. On the flip side for some, it will reveal a negative number, and a feeling to turn things around to eventually bring things on the positive side of money.

Now I leave you with what is wealth to me and hopefully you can relate to how I described wealth below in Acrostic writing style.

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