Only five days left until the start of My Wealth Builder's Retirement Saving Challenge on July 1, 2007. Now that a saving goal has been determined, from where will the money come? Here are a few ideas to try.Buy only what you need. Consider eliminating any service or product that has a monthly bill. Get rid of cable, extra phones, gym memberships and other similar services that are not "necessities." For reference, I consider home mortgage, utilities and trash pick up a necessity.
Use other people's money. Your employer (401K matches), the government (deductions for IRA and 401K contributions) and your family (e.g. cash gifts for birthdays) are all sources for using other people's money.
Pay yourself first. A simple and effective strategy. Have it done automatically to make it easier. And don't touch the funds.
For more on Ideas You Can Use, check back every Tuesday for a new segment.
Photo Credit: morgueFile.com, Jane M. Sawyer
This is not financial advice. Please consult a professional advisor.
Copyright © 2007 Achievement Catalyst, LLC
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