Before you can invest for the future, you must be in a position to do so. That means careful and thoughtful use of credit cards and borrowing money. A large majority of the public is over
extended on their charge cards and only able to make the minimum monthly payments resulting in hundreds of dollars going to high interest over an extended period of time. If you do not pay on time on these cards, the creditor can and will raise the interest rate forcing you into and endless monthly payment. Concentrate on getting all your credit cards paid off. Keep one card for emergency use only. Cut up the cards as they are paid off. Like I said keep one, and only one. Rule of thumb: If you cannot pay cash for your purchases then you don't need it and can't afford it. Once cards are paid off, then setup an " automatic " savings plan where you can deposit 10% of the gross ( not the net ) on each pay check. Husband and wife. You must pay yourselves first. This is where people fail. They don't pay themselves first. You will always have bills. This is a fact of life. Find out where you can cut expenses where possible. Cut coupons, look for two for ones, pass on the Starbucks coffee that you buy every day. Once the " automatic savings " plan is started on both husband and wife, do not take any money out. Let the money collect compound interest and build while while you continue to add funds on a regular basis. Now the hard part. Stick to the plan ! It is imperative that you do not touch any of the funds " automatically " saved for at least a five year period. Then and only then seek out a registered financial adviser to help you with the long term good, prov-en, safe investments that will provide the security your family and you deserve.

This is a long term commitment and you will have to be very smart when it comes to spending.
Set a budget and stick to it. Be committed to your future. And yes, you will have to sacrifice to some degree. But if you do not take the necessary steps to save now, and stick to it..well the future is not going to be a happy and secure one. Count on it. Start saving today.

Learn more about this author, F.D.Howerton.
Click here to send this author comments or questions.

---

Add your voice

Know something about Family investing tips?
We want to hear your view. Write now!