Unless you win the lottery or inherit a fortune
from a long lost relative, you're probably going to have to reduce
what you're spending in order to free up money to invest. What's
required more than anything is discipline: You'll need to find
small ways to trim your living expenses.
Go with a slow and steady approach: Start
with $50 a month, and see if you notice a difference in your budget.
That means saving $1.66 every day. The impact on your quality
of life will probably be small, but those little amounts can really
build in an investment account.
If cutting your current budget is hard, you
can always try to supplement your income with freelancing jobs
or part-time work. You can earmark any additional money you make
to an investment account.
1. Open separate savings
accounts instead of keeping all of your money in a
checking account. By keeping your savings separate,
you'll be less tempted to spend it.
2. See if you can
set up automatic deductions from your paycheck or
checking account into an investment account. If you
never see the money, you're less likely to miss it.
