When we think of someone that is financially successful, we often think of an individual that makes a lot of money, someone who started investing very early on or someone who
hit it rich through a hot Internet stock. The book "The Millionaire Next Door" by Thomas Stanley and William Danko (
click here for more info ) proved that many
millionaires were just average people that applied some common sense and discipline to their everyday life. We at MsFiscallyFit.com also believe that achieving financial security is not limited to women making
gobs of money or for those who find some hot, but very risky investment. It's not how early you get started in investing; but rather that you STARTED investing. It's not an issue of how much money you
make, but rather how much of the money you make do you save and invest. It's not a matter of did you discover Yahoo three years ago, but more importantly are you taking the time to formulate good, long-term
investment strategies.I believe everyone understands the importance of saving for the future, but many women often tell me they don't have any money to invest, but in the same breath they ask me to join them at the
next weekend sale at Nordstrom or offer me a latte at Starbucks after work. Financial success is not hitting the "Big One", but can be achieved by diligently applying easy money saving tricks everyone
can learn and do everyday.
In the upcoming issues of MsFiscallyFit.com we will feature several quick money saving techniques that you can apply to your everyday life as you begin the journey to becoming
FiscallyFit. Areas such as: saving and making money on your bank accounts, reducing insurance premiums, cutting back on impulse buying and so on.
Fiscally Fitness Tip Number 1
A good friend of mine said: "Make money on the money you make". Even when you are sleeping, your money should be working for you. For example: Do you have a checking account that earns
interest? It is surprising how many people keep relatively large balances in non-interest bearing accounts. Even a little interest can add up to a lot over a period of time. Search out financial
institutions that offer no-fee interest checking accounts that have low or no minimum balances. Many credit unions offer these types of programs. Sometimes you don't have to be a direct credit union member
because family members of credit union members can also open accounts or some office buildings offer credit union affiliate programs with all their tenants. Sometimes banks offer no-fee interest checking accounts
if you "auto deposit" your paycheck. Some investment accounts offer checking account features for no extra charge. Look for periodic special promotions run by new banks opening in your
neighborhood. Many smaller banks offer accounts with more benefits to compete with the larger banks.
If you are unable to find a good interest bearing checking account because the minimum balance is too high or
the bank charges a monthly fee, consider opening a savings account in the same bank. Keep all your money in the savings account, earning interest, and transfer funds into your checking only as needed (when
paying bills). Today, it is so easy to transfer money via the telephone or through Internet banking so why keep any cash in a non-interest bearing account.
Also save money by avoiding paying any fees for financial services. Use only no-fee accounts and no-fee credit cards. Plan ahead and avoid using ATM or other "cash-on-demand" services that
charge a fee. There are so many financial institutions competing for your business. Search out the ones that are willing to PAY you for the privilege.
