Most of us are more concerned with having money now. The bills don’t wait until we can come up with the money to pay them after all; but there’s something else that doesn’t wait, and that’s time. Without doubt it’s difficult to save money when you’re living hand to mouth, but if you take stock of your spending you might be surprised to discover how much even you, who have no money, manage to spend on things you don’t particularly need every day.

Whenever I go to the store, for example, I pick up a pack of gum for $1.09. Sometimes I pick up 2 packs of gum. Sometimes I go for altoid chewing gum which costs $2.00 at my local publix.  Almost every day in my household we’re spending up to $20 in the grocery store separate and apart from the regular grocery shopping. At the end of the month that’s $600 spent buying things that served no purpose beyond filling us up with sugar, fat and other substances that do nothing to enhance our lives.  And we’re low on the economic totem pole, so if we, being as poor as we are, can still find hundreds to waste every month, then almost anyone can come up with an extra couple hundred dollars at least just by taking the money they spend on things they don’t need every day and saving it.

The hubby and I in the process of researching IRA investments with a goal to open IRA accounts. IRA stands for Individual Retirement Account. You might already know that but we were among those who, while we’ve heard about IRAs, couldn’t answer the question “What does IRA stand for?”

According to fidelity.com, an IRA account is a “tax-advantaged account designed to help you save for retirement.” So far we’ve learned there are 2 types of IRA accounts - Roth and Traditional, and that each comes with different advantages.

There are numerous resources on the web that explain the different types of IRA accounts but they are clearly not aimed at the average person who knows nothing about the subject. It’s interesting because there’s a tendency to criticize those of us who don’t invest or otherwise intelligently manage our money; but so little effort is made to help us understand the many options available. The subject of money and investing is treated like something that’s only for a select group of special people; and the material available on the Internet and in print publications is directed at that select group of special people, usually people who have a professional or otherwise passionate interest in economics or some related field.

Most of the rest of us don’t have the time or inclination to educate ourselves about investing our money. We’re so busy dealing with life, struggling every day to make ends meet. We don’t see how we can save what we don’t have. All we know is that every month we go through the same routine of scraping together to come up with the amount we need to pay the bills, buy some food and so on. Who has money to save in a piggy bank much less to invest in any kind of account? But if you take stock day to day rather than at the end of the money you might be surprised to discover that the answer to that question of who has money to save much less to invest is: you do.

The question is, what is the best way for you to invest that extra money you’ll have once you start making better use of the money you’re spending on junk food, cigarettes, and other unnecessary purchases every day? And that’s what we’re investigating and will be sharing with you over the next several weeks as we explore the options that even poor people have with regard to saving for their future.

Do you believe that earning more money will help you attain financial success? Truth is yes, but only if you know just what to do with your money. There’s a large possibility that your financial struggle doesn’t cease to exist just because you earn more money. It’s more about how you manage your money that makes the real difference. Very often you may get a pay hike, bonuses, incentives, cash certificates, return on investments, dividends from stocks and many more cash boons but at the end of the day you are again left with no money.

It isn’t so much about earning more money but how you handle your money is the important question. What do you do with that extra money? Save it in the piggy bank so you can use it on a rainy day, or go and buy the latest gadget that you have been eying for a while. Most people fit in this category. However there are those who know just what to do with their money. Every time a little money comes in, they invest it. It’s the best thing to do, just pretend the extra money did not come along. Quite simply you were managing rather well without the money all these months so why should it be any different now. As soon as you get extra cash, invest it safely and have the money work for you. You can save it at the bank or invest in stocks if you’re already keen in the share market.

You can even start putting your money to back small time investors and businessmen and get a return on your capital. Truth is if you are patient you’ll actually see money grow. Your small investment will start giving you dividends and you can choose to reinvest that money or simply use that money to meet your fancies rather than waste the capital. Whenever there’s a chance of receiving additional finances think of ways of putting that money away. Every dollar that you put away is every dollar saved. And if you got into the habit of saving now, then there’s no need to wait for a pay hike anymore because your little investments will start getting in more and more money for you. Your financial success is dependent on how much money you can save rather than how much you can earn.