Friday, June 26, 2009

Save Your Money and Become a Millionaire

Everyone can be one step closer to a wealthier lifestyle by saving their spare change on a regular basis. Every coin saved increases your net worth, and over the course of a few years, that money really adds up.

Gaining wealth over your lifetime can be done in small steps, and does not always happen at once. Some of the most surprising millionaires are regular people with blue collar, nine to five jobs who are very good at spending wisely and saving often. Making the effort to put money away all the time, even on a daily basis is a great habit, and it is not as hard as it sounds. Something as simple as saving your change on a daily basis can leave you with a nice addition to your savings account that will continually increase as you let it sit in the bank.

While earning more money can help you to become wealthier, what really matters in terms of accumulating wealth is how much money you save. If you earn a million dollars but don't save any of it, you are less wealthy than someone with a smaller paycheck but a stronger savings habit. Collecting your extra coins may seem slow and inconsequential, but it's one of the most reliable ways to strengthen your savings muscle and start a lifetime of habits that encourage wealth. You probably won't even notice the missing change, but you'll definitely notice your increased savings.

To easily save money by saving your change you just have to do one thing. Every single time you use cash to make a purchase there is the opportunity to put some of that money back into your pocket and earn a little when it gets deposited into your savings account. Using a cash or change jar, the basic way of saving money and the way most of us were taught to save money as a child, put all the change you have left over from cash purchases into your change jar. This needs to happen every single time you make a purchase and break a dollar.

Take advantage of every opportunity to add to your spare change jar, whether it be a few pennies or as much as a few dollars. For the best psychological effect, see if you can collect spare change throughout the day and then make one larger deposit each night. As soon as you put the change in the jar, you can't touch it -- it's exclusively for savings and accumulating interest at the bank once you deposit it. Make sure to visit the bank at least once a month and add your new savings to your savings account. As long as you have an account there, most banks will not charge you anything to count your coins. Putting your spare change in the bank is an important step, as it will earn interest and create even more wealth for you over time.

Collecting and depositing spare change is a surefire way to become wealthier, and the best part is, it takes very little time and effort to grow your wealth in this manner. You can start immediately, and the sooner you begin, the more wealth you'll have to enjoy throughout your lifetime.

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