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• Participation in regular meetings and decision-making
• Necessary leadership or team-member qualities
• Accurate records of their activities
• A Money Market account
• Investment in stocks, bonds, mutual funds, etc.
If the people you are considering including in a savings group don’t share these qualities, you may want to reconsider your membership. Notice that a large income is not a requirement. When you first begin your group, keep it simple. If you are successful, and bigger goals are established, be sure to get good advice from an accountant or financial advisor so you can make the most of your investment.
Start Saving Today
Recognize now the long-term importance of establishing consistent savings habits. The habit is firmly established when money is regularly deposited into a place that is paying interest to you. Here are a few simple tips to get your savings plan off the ground:
Commit to learning how to manage your money better . There’s no doubt that personal money management has become complicated and a far cry from the simple bookkeeping of years ago. Consider taking a course in personal finance at your local community college or continuing education program. Talk to your FFEF debt management counselor and ask for suggestions on how to better understand the best way to handle your money.
Slow down your spending . It’s hard to decline an invitation to lunch with your coworkers from the office, but if you bring your lunch to the office then you won’t feel obligated to go. You don’t have to turn down every luncheon invitation, but declining every other one will start to make a little dent in the amount of money you’re putting out every month. Watch for little ways that you can curb the amount you
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