“The $10 Savings Plan,” Ensign, Aug. 2005, 72
The $10 Savings Plan
In 1985 I had to find employment to provide for myself and three teenagers. With my minimal earnings, I was able to meet our basic needs but worried about saving for the future. Soon I discovered a solution that works on any income: saving money from yearly raises. The first year I saved $10 per paycheck; the next year, $20, and so forth. In just 10 years I was contributing $100 per paycheck ($200 per month) to a deferred compensation account. Regardless of what type of account you choose, it’s important to save when your income increases, because you don’t miss money you never had. With the earnings from my retirement savings and pension, I hope to someday serve many missions for the Church.
Leslie Lake, Toledo Second Ward, Toledo Ohio Stake