The Saver's Creed
It's easy to notice a spender. Whether it's the new car, up-to-the-minute fashion or stacks of take-out in the fridge, people who spend money stand out. People who save wear a quiet badge of honor. This Baltimore Sun columnist lists seven habits of highly effective savers, if you will, including:
• Creed: Pay yourself first.
• Goal: Some long-term or short-term idea to inspire savings.
• Tracking system: Keep close tabs on the money.
• Opportunity: Take advantage of employer benefits, like 401(k)s, and benefits-laden debit or credit cards.
• Monthly Payoffs: Credit cards are for convenience (and sometimes rewards), but balances are paid off before interest is accrued.
• Fun: Bargain-hunting becomes a hobby or sport, making saving a pleasurable pursuit.