Save $1,300 this year!

Frugal living has little room for waste. Lack of decision making or inaction can mean that you have allowed something that you either paid for or worked to get, go to waste. You did not make the best use of whatever resources you had. Why would you do this? It’s like working for nothing, or throwing money away.

Seriously people! It's the first of the month so why not start today? Here's how: Add $1.00 to your savings account the first week of the month you start then add $2.00 the next week and so on throughout the year, adding $3, $4; adding increments of a dollar every week. The most you will have to spend at once is $52 the last week of the year, but you will have saved more than $1,300 in the process!  Once you have some savings in the bank, the next step is to behold the magic of compounding! Compounding is what happens when time meets money – the longer you invest your money, the more time it has to grow. It is the process of generating a return on an asset’s reinvested earnings. Earn interest on the interest you earned! If you have a guaranteed fixed return on your investment, there is no chance of capital loss, and the more compounding can work for you! Once you realize this, you understand the relationship between time and money. This is why if you are young and able to save, you should start right away.

Searching for a great savings account? Research around Birmingham Midshire Savings. Get a tax-free savings account, or fixed rate cash ISA. When it comes to tax free savings, Cash ISAs are hard to beat.