Quote:
Originally Posted by CreditExpert
You should be putting saving first, even a small amount can add up over a period for example
If you invest $25/month and your mutual fund get a 12% rate of return, in 10 years you can potentially have $5800. In 20 years, $25,000. In 30 years, $78,000. In 40 years, $297,000.
After saving, then you pay your bills. And finally, you can spend the rest.
I strongly advise creating a budget worksheet for yourself. List everything you spend on a monthly basis and figure out what you can cut out or try something different to lower your costs.
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I'm not sure where this info is directed. I think DisneySteve commented above that the "spending" that some of us are talking about doing is after all of our other financial duties are in order. I believe the point of the spread was to discuss what our goals were outside of "retirement, college, etc..." that we are saving for. My thoughts are that you should be doing the maximum to save for those necessities such as retirement, college, etc... and also have a savings fund for your short term goals.