Dr. Leslie Griesdorf retired from his career as a dental surgeon to become an investment professional in 2004. He’s since become an active trader on the stock market and the go-to for any financial questions that his friends or family might have. Without saving money beforehand, though, Dr. Griesdorf wouldn’t be where he is today.
Tips like these can help you save money now so you can enjoy a relaxing semi-retired life like Dr. Leslie Griesdorf later:
Don’t Change a Thing
For the first month, don’t change a thing about your spending, but save every receipt and log every purchase. At the end of the month, look at where your money is going. This alone is often motivation for people to stop extraneous expenses. Use it to identify things you don’t need to spend money on.
Draft a Plan
With your month’s spending report in hand, complete with identified areas where you can save, draft a plan. People like Dr. Leslie Griesdorf follow budgets because it helps them save money, and you should too. Give yourself a modest allowance for extraneous expenses and put every dollar you save in a saving’s account.