Still living from pay to pay? Or envying those great wealth accumulators and wondering how they did it? Every month you make a resolution of saving some dollars from your paycheck, but only end up breaking it. Looking for some magic formula for saving money?

Well, theres no magic formulaonly some simple rules to be followed with determination and persistence.

Have you ever taken consumer creditthe credit used for personal finance? If not, then thats where youre lacking. Those wealth grabbers, who are the subject of your envy, have smartly used the borrowed money and became rich. They didnt hesitate in taking credit, and considered it as a valuable financial asset.

Credit is not something bad. On the contrary, it makes your life convenient and prevents you from falling in a tight spot. Yes, I know that your goal is to be a financially secure individual. We all have the same goal, dont we? Despite harboring such strong goals, many of us are scraping every month, with no money left to fall back up on at the end.

I dont intend to entangle you in the intricacies of finance, but want to present before you, some simple rules that would help in saving some dough. But promise me that youll put them to practice regularly. Though it takes some timeyears maybeto get the full results, yet the trick lies in perseverance.

Spruce your knowledgeget smart! Im not telling you to glue your eyes to the television watching the stock market or enrolling for a finance degree. What I want you to do is arm yourself with the basics of the market so that you dont make wrong decisions that cost you money. Intelligent decisions are the key towards a flourishing business.

Patience pays! Unless you win a lottery, dont think of getting rich overnight. But with time you can certainly think of owning bundles of those crispy dollars. So start saving your money as soon as possible. Let compounding interest bestow you with its benefits. I hope you know about compound interestit is the reinvestment of your already invested earnings. However, dont lose heart when you find your first reinvested earnings to be a petty amount. Initially, they are small, but over the years youll watch them magnify.

Set a flexible goal Dont be a ship without anchor. Set some financial goals in life so that you know your target. This will boost your confidence and youll be able to visualize yourself better in the future years. I would suggest having flexibility in your goals. This is because situations are never the same, they keep on changing and youll have to change with them too. Hence, you cant be rigid in your ways. Keep reviewing your goals andbetter stillselect a good financial advisor that would assist you in achieving your goals.

Get rid of large debts Want to know a wise way? Start paying off all your debts that have double-digit interest rates. If you dont do so, youll remain chained to these hefty debts for years and end up paying a lofty amount on interest rates.

Once you get habitualized about keeping aside a small chunk of your income every month and updating yourself with the business happenings, youll lay a strong foundation to build the castle of wealth. The most important thing is to keep on marching towards your goal persistently.

Now that youre loaded with the money-saving tips, I hope to see you going around in a sparkling new car after some years!