Be Your Very Own Money Saving Expert

Financial freedom comes to the person who knows how to save ten percent or more of his income throughout his lifetime.

One of the smartest things that you can ever do for yourself is to develop the habit of saving part of your salary, every single paycheck. Individuals, families and even societies are stable and prosperous to the degree to which they save money. Savings today are what guarantee the security and the possibilities of tomorrow.

How to Save Money and Practice Frugal Living

The first corollary of the Law of Saving and becoming a money saving expert comes from the book The Richest Man in Babylon by George Classon. It is to “Pay yourself first.”

Begin today to save ten percent of your earnings, off the top, and never touch it. This is your fund for long-term financial accumulation and you never use it for any other reason except to assure your financial future.

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The remarkable thing is that when you pay yourself first, and force yourself to live on the other ninety percent promoting frugal living, you will soon become accustomed to it. You are a creature of habit. When you regularly put away ten percent of your earnings, you soon become comfortable living on the other ninety percent. Many people start by saving ten percent of their income and then graduate to saving fifteen percent, twenty percent, and even more. And their financial lives change dramatically as a result. So will yours.

The second corollary of the Law of Saving and becoming a money saving expert says, “Take advantage of tax deferred savings and investment plans.” Because of high and even multiple tax rates, money that is saved or invested without being taxed accumulates at a rate of 30% to 40% faster than money that is subject to taxation. Self-made millionaires, according to Dr Thomas Stanley’s book The Millionaire Next Door, are almost obsessive about accumulating their funds in assets such as real estate, self owned businesses and equities that increase in value without triggering tax liabilities.

Invest in company pension and retirement plans, 401(k) plans, IRA’s, Keough Plans, Roth IRA’s, Education Investment Accounts, stock option programs and whatever else has been approved by the IRS for long term financial accumulation. Make every dollar count!

2 Ways to Become Your Very Own Money Saving Expert Today

First, begin today to put away ten percent of your earnings. Set up a special account for this purpose and treat your contributions to this account with the same respect that you do your rent or mortgage payments each month.

Second, become a lifelong student of how to save money. Read the best books, take courses and subscribe to the most helpful magazines. Know what you are doing so you can always make intelligent decisions when you invest your funds.

Thank you for reading this article about how to save money and the importance of frugal living! Become your very own money saving expert today and achieve financial freedom throughout your life! Please share and comment below!

Topics included in this article are:

Money Saving Expert

How to Save

Frugal Living

Save Money

About Brian Tracy — Brian is recognized as the top sales training and personal success authority in the world today. He has authored more than 60 books and has produced more than 500 audio and video learning programs on sales, management, business success and personal development, including worldwide bestseller The Psychology of Achievement. Brian's goal is to help you achieve your personal and business goals faster and easier than you ever imagined. You can follow him on Google+, Twitter, Facebook, Pinterest, Linkedin and Youtube.

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  • http://n/a Rich Horning

    I first came across The Richest Man In Babylon in an abbreviated pamphlet in about 1952. I read it from cover to cover in one sitting, just couldn’t put it down! Over the years it has stayed with me, and is still one of my favorite books. Unfortunately I fell into one or more of the categories of people who can’t succeed, as outlined in Brian’s literature. I never in my life made myself put this advice to work. I started saving several times, only to give it up for some obscure reason which cannot now be recalled. I am now 70 years old, and you can well imagine my remorse at this stage of life. However, I am determined to at least try it now, even if it has little chance of making any difference. If nothing else I can have a go at penny stocks. Maybe I can even have a bit of fun with that.

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