Ladies it is time to get our financial closet in order. We are removing all of those nonperforming assets that don't fit us anymore. We are trying out new colors, trends and looks for the season. Every financial fashionista needs the right accessories to go toward the perfect outfit of wealth creation.

Now that we have cleaned out our closet, it is time to go shopping. Today's wealth creation accessory is about the importance of saving and paying yourself first. After the mortgage, utilities, food, travel, and the occasional Starbucks you run out of money and the saving fund never gets started. When the money runs out of your account, you stop spending. So now it is time to make "you" the number one priority! Before the mortgage, utilities, and the countless hands that dip into your income, I challenge you to pay yourself first. It's your money and didn't you work hard for it?

The magic question is how much do you put away. If you can put away 10% of your income into some type of savings plan then that's great. If you can't, don't fret. The key is to put away an amount that you are comfortable contributing, with hopes to increase that amount over time. The important thing is that you have to get started.

You can start off small and work your way up. Let's say you pay yourself first and start contributing $100 a month toward your saving plan. Soon you will feel this sense of accomplishment and realize that you didn't even miss the $100 out of your budget. Now you can look to increase your saving contribution to $200 and so on.

Next thing you know, you have a nice and attractive saving stash! Many of us are juggling kids, family, career, and one more thing on the task list might seem overwhelming. However modern technology now allows us to put our savings plans on auto pilot. Many financial institutions will allow you to send a payment to your saving account automatically so all you have to do is make the first order and the rest is history.

Okay, now you are pumped up and ready to pay yourself first, but where are you going to put your hard earned dollars? Consider putting your saving funds in a financial institution that does not already have your business. For example, if you do you primary checking activities with XYZ Bank consider placing your saving funds with a different financial institution. The reason for this is to make saving withdrawals less convenient. Many times when you have your checking and saving with the same institution, transferring money is as easy as pressing a couple of buttons. Remember we are not creating a savings fund to remove the funds out. This is not about shopping for the perfect accessory and retuning it after you wore it. We are in this purchase for the long haul. So hand off the savings stash! We are creating the saving fund to grow into something wonderful for our future.

Now we are going to go shopping for interest rates. Ladies we are not out looking for any old interest rates. I like my interest rates like I like my shoes...the higher the better. You may want to consider giving your money to someone who is going to show their appreciation with a high interest rate for your savings dollars. Many commercial banks offer low interest rate for their savings account ranging from 0.5-2.5%. Bankrate.com offers a wealth of information and you can even shop for financial institutions with high interest savings products. Simply go to www. bankrate.com, click on the checking and savings tab and you can compare the saving interest rates of several banks all at one time. Typically you can find banks to offer 4-4.6% interest. However if you have a higher savings stash you can negotiate an even better rate.

We have started with our first accessory to wealth creation. Remember, there are multiple accessories to the perfect outfit so stay tuned.

Your Financial Fashionista,

Cinnamon McCann

Cinnamon McCann is the creative creator of Financial Fashion House, a financial education website for women. The purpose of the website is to provide financial education in a trendy and exciting format. It is also intended to provide an environment where women can network and feel inspired. Visit her at http://www.financialfashionhouse.com

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