Here is the next installment in our the Reader’s Questions Series which highlight questions emailed to me by you, the readers of Money Q&A. Be sure to find out at the end of this article how you can receive a free copy of Dave Ramsey’s book, The Total Money Makeover if your money question is chosen to be featured on a future week’s blog post.
If you’re not familiar with Dave Ramsey’s book, you should run right out and get it. It is one of my top ten best personal finance books that everyone should read. Be sure to check out the other answers to money questions in this series.
This week’s featured question is from Velma who asked, “If you are living paycheck to paycheck, how do you start saving and investing?”
This is a great question, and it is one that is near and dear to my heart. I saw this question play out every day of my life growing up.
One of my earliest money related memories growing up was of my single mother writing checks each month for our bills. She would sit down with an old ledger book and write checks out for that month’s bills.
I can remember sneaking a peak at her checking account balance and seeing a thousand dollars or so. To a little kid in the 1990s, that seemed like an enormous sum of money. My mother then explained that that was the beginning balance and then proceeded to tell me where all that money went every month to pay bills such as the mortgage, electric bill, water bill, etc.