Across the Web: “The Only Saving Strategy You’ll Ever Need”

Pay yourself first from every paycheck. - My Wealth Builder

We liked financial blog My Wealth Builder‘s succinct financial tip above, the only saving strategy you’ll ever need.

Got your own savings mantra that you’d like to share? Post it in the comments and we may feature it next week!

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  1. 1
    Robert Prather

    I don’t have a mantra like that of My Wealth Builder, but it helps me to realize concrete numbers. For instance, at my age $25 saved is another day closed to retirement. So it puts dilemmas in your mind like “Do I eat this $25 meal or retire a day earlier?”

  2. 2

    I open a savings account for every “bucket” of spending or goal. I have a travel account, kids clothes account, grocery account, home improvement account, etc… Every pay day I filter a set amount into each. If there’s money in the account, then I can buy those things, otherwise, I have to wait. I’ve been free of credit card debt for 2 years!

    • 3

      @Robert: Hey, that’s sort of a mantra! Understanding opportunity cost might just be the best motivation for making sure you keep in line with your budgeting.

      @KS: That’s great, KS! That takes some special kind of discipline, but it’s always remarkable when people can really pull it off.

  3. 4

    I like the 6&10 rule. The goal is to have 6 months worth of living expenses in a low-risk account, and to put 10% of every paycheck away for a rainy day.

    For those in jobs that are high paying but hard to find, the rule should probably be 12&20.

    • 5

      @Stan: Very catchy, Stan. The numbers certainly make it easy to remember. We just might share that with others on the blog or Facebook Page. Thanks for sharing!

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