Since my mid twenties I have always had my salary paid into two bank accounts. I am not sure how I developed this practice however it is one that I advocate. It has enabled me to grow my own financial wealth, and to become more financially astute.
I have many friends in their twenties and thirties who are intelligent women, however when it comes to financial management too many fail to invest in their futures. They, like a lot of people, spend all that they earn. Some pay off their credit cards in full so as not to attract extra interest, some have mortgages and all have the standard living expenses.
An easy way to begin investing and earning more money is to set aside a minimum of 10% of your weekly or annual salary to be paid into an interest bearing account. Ensure it is transferred before you even have a chance to see it – have it locked away.
Kick start your financial management plan today by having your employer pay your salary into two accounts with a minimum of 10% of your salary going into an interest bearing account. If they are not obliging, simply set up an automatic transfer to occur each month. You will be quite surprised at the end of a year to see how your money has grown.
Please share your wealth creation and financial management tips.
Tags: money management, salary, women and financial management