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Your Money
Common Dollars and Sense Advice

Easy Savings Plan

July 3, 2000

If you find yourself struggling to save enough money to invest in your first mutual fund, consider approaching the challenge the same way you would eat an elephant. What? I know that sounds weird but, "How do you eat an elephant?" One bite at a time. Like working through a large challenging project – break it up into easy to digest bite size pieces and eventually over time you will successfully reach your goal.

Financial success begins with a decision – the decision to give up a little today to insure your financial security well into the future. It doesn't matter how much money you make. Even rich people must make the conscious decision to set aside some money to invest for retirement and not spend it all.

What do you do with your money? Are you spending carelessly or are you thinking of the future? Do you really need that new dress or new shoes? Do you have to have a Starbuck's Latte everyday? Just cutting back on the lattes will save you around $15 - $20 per week right there. So the big question is, "Can you cut back on some of the small items to put aside a few dollars in a good solid mutual fund for your future?"

One of the biggest challenges to start investing is getting together the initial capital. Here is an example of how you can start to put away some money by just making a little change. You can have a small amount of money deducted from every paycheck at each pay period and deposited into a savings account. Let's just say an amount that would equal about $20 per week. In one short year, you would have saved over $1000 – enough to get started in many mutual funds. If $20 per week is too much, you can try $10 per week. In as little as six months you can get started. With some mutual funds, you open an account with as little as $250 (see related articles: Warburg Pincus SaveMyMoney and Munder S&P 500 Index). You can also schedule automatic payments to be deducted from your savings account for continued investing.

If your company can't arrange to have money deducted from your regular paycheck, then you will have to discipline yourself to save the money on your own. The best way to do this is to write yourself a check for the amount you want to save and deposit it right into your savings account. Always pay your savings first then you won't be tempted to purchase things when you see extra money in your checking account.

Remember it isn't how much you get started with, only that you get started. A few less lattes and bingo you are in your first mutual fund!

 

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