These days we hear a lot about the booming stock market. And at the same time, we hear people fretting over the rising expense in costs of living and the fear of a coming economic collapse. The fears voiced by many are not without reason, however, they only lend more emphasis to the need for people to establish an economic “nest egg” that they can fall back upon if times get hard.
The best way to begin establishing that nest egg is by setting aside a fixed amount of money each month. This may seem difficult at first, because many of us are so used to living right up to our income levels. One strategy is to set aside an amount in a fixed savings before the remainder of your income goes into your account for spending. This can be done several ways. If you work full time you can have a part of your salary taken out and directly invested in a special account. Or you might have your bank draw a fixed amount each month and use in to buy certificates of deposit, invest in a college fund, or start a 401k account. The important goal is to see that a certain amount of money is set aside where it can grow and gain interest.
Your next step is to put some cash into a savings or share draft account. This is your “ready money” the cash you save for the purchase of a “big ticket” item like a major home improvement. It is also the money saved to buy a new home, a car, or a present. This is the account I use to buy my shoes when I am shopping from Aldo. That’s the shoe store I rely on for shoes that aren’t just stylish and attractive but that fit my feet like a glove. I use a Groupon coupon when I purchase Aldo shoes; they enable me to get 50% off on popular shoes and boots. I get everything from my favorite house slippers to the dress shoes I wear to formal occasions. And I can depend upon their having the best styles and quality leather products. By saving using Groupon coupons when purchasing footwear and leather accessories I assure that I’ll have more money to put aside in either that cash savings account or in the investments I make for that nest egg.