Look at these chilling statistics for the average American family:
Are you budgeting your money well?
Are you saving for retirement?
Do you have an emergency fund?
In America, our culture tells us to SPEND, SPEND, SPEND. In fact, we're statistically the worst country when it comes to spending too much --and not saving enough. Did you see the picture above? If you only had $35K in savings for retirement, that would last you about 9 months......9 MONTHS.
Who would want to go back to work after you retire just because you didn't have enough money to live on? Nobody I know. You must plan for the future, save money, and budget well.
Being frugal and living simply is only a fraction of being wise about your money. Whether you make $20,000 a year or $100,000 a year, you must learn to budget wisely and prepare for the future.
How?
Use the 10-10-80 Rule.
According to your paycheck (biweekly, monthly, etc):
10% = GIVE. (Donate to a charity or organization. If you are a Christian, God calls us to tithe 10% and give to the church.)
10% = KEEP. (Savings, retirement, emergency fund, and even investments.)
80% = LIVE. (Living expenses, food, bills, gas, mortgage, etc.)
Budgeting Example:
You are paid $5000 monthly after taxes. Your 10-10-80 budget would be as follows: $4000 for living expenses, $500 for tithing or investments, and $500 for donating to a charity or organization.
If you have money left over after you hit within or below your budget's divisions, you can either put it in another budget (giving or saving funds), or you can use what you saved towards a new outfit or other miscellaneous expense.
For 100+ Ways to Save Money on a Tight Budget, go to: http://www.themoneysavinggarden.com
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