The typical scenario is that you get your paycheck. After you recover from the shock at how little is left after taxes, you proceed to divvy it up among all your outstanding bills, intending to put whatever is left over into your savings.
But there never seems to be anything left over and your savings dont grow.
A better plan would be to pay yourself first. Dont let the money get into your hands.
You might find that you actually begin to grow your savings much quicker this way.
If you work for an employer with a 401K plan, the first thing you should do is to fund it to the max. If you cant afford that, at least put enough in to get the full matching contribution form your employer.
This investment is made before taxes. Your investment is larger and with the employers contribution grows quickly.
Next have a brokerage or mutual fund company debit your banking account monthly. This money should first go into an IRA if you have five years or more to go to retirement, make it a Roth IRA.
Next have a few dollars more be debited to go into a no-load, low cost mutual fund. The younger you are, the more aggressive your choice of fund can...
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