Take a piece of paper and make five columns. Title the columns "Date, Gross Paycheck, Tithe, Savings, Take Home." Fill in below each title the date, your paycheck amount, 10 percent of your income, 10 percent of your income again and whatever your net pay (take home pay) is.
You cannot negotiate or talk your way out of these changes. Say you make $200. $20 will go to your tithe category and $20 will go to your savings. You will still take home $160. If you can’t afford to pay your bills afterwards, you need to adjust your lifestyle to live below your means. Use less electricity, eat at home instead of McDonalds, quit drinking or check out movies from the library instead of going to the theater. Pick up another job. Whatever you do, don’t quit this plan.
You can either save the tithe money to give to your Church in one big chunk or give it monthly to your Church. If you are not in a church and don’t want to be, take that money and donate it to a cause that moves you. This is essential to your financial growth, because it changes you as a person. When you are giving, you think and act differently. Do not go overboard with this. Keep it at 10 percent until you have disposable cash and then you can up your giving.
When you are starting off, put your savings into a high interest earning account. They are everywhere. Make sure you get the most you can for the amount you are putting in. If the accounts you find won’t give you much for that $20 you are putting in, realize that each month you have more saved and always be on the lookout for a better higher interest earning account.
You will become rich on a small salary over time. You will see your giving and savings increase as you go along if you follow this plan. The money you save will be compounded and, over time, will turn into a large nest egg to retire on. Say that by the time you are 22 you save $150 per month earning 10 percent for the rest of your working career, you will retire with well over one million dollars.Slow and steady is the name of the game if you want to get rich on a small salary.