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10% Rule For Savings |
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I was taught the 10% rule and still do this to this day!
NO MATTER how much you make a week or bi-weekly, ALWAYS put 10% of it in your savings account, "out of sight, out of mind". You will be surprised how much you can save and in such a short period of time. Example would be IF you earned $250 a week in take home pay, you would put $25 of it in your savings. What's the measly little amount going to accomplish, you might think? Well, if you did this weekly for 1 year, you would have $1300 a year in your savings account, earning interest for you. If you did that little measly amount each week for 60 months, which would add up to 5 years, you would have $6500, not counting the interest you'd be earning on it. That would make a very good down payment on a house or buy a used car. Get new wardrobe, new furnishings for your home or just keep the money in the bank for more interest.
This works I know as I/we still do it to this day. I am now in my 50's with a paid for 16x80 ft.(1216 sq. ft) mobile home,(2 bedrooms 2 baths). A 2005 Crown Victoria car, and a 2002 Dodge Ram short bed pick up truck and still have money in the bank.
When it comes to saving money, remember the 10% rule in all that you earn! Remember to always pay yourself first - the rest will follow in time.
It worked for us, Good Luck!
By Paula Jo Carr from Mebane, NC
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RE: 10% Rule For Savings
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Post By AnnMel (Guest Post)
(12/15/2006)
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Great idea!
RE: 10% Rule For Savings
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Post By Gina (Guest Post)
(12/05/2006)
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Hi Paula,
Thank you for this wonderful reminder. I had forgotten how important this is, and will start with my next pay check! Happy Holidays to You.
Gina
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