WHY AND HOW TO SAVE

Being more financially secure in the future by saving is a trade off to spending money in the present. To be considered financially secure, one should save atleast six months worth of expenses and while talking about savings, it’s the portion of income not spent on current expenditure. The most effective strategy of saving is by paying oneself first which helps one to choose saving over spending i.e money should not be viewed as what’s remaining after current needs and wants have been satisfied. If one understands clearly what they are giving up in exchange for the benefits of saving money, then their saving goals will become more attainable and realistic.

There are a number of ways to begin saving money like:

Building your emergency fund– this is a cash reserve specifically set aside for unplanned expenses. It reduces the chances of one adding to their debt with each financial obstacles they experience and reduces the chance of impulse buying. This fund should be set three months worth of living expenses but you can start with what you have.

Pay off your debts early– the longer you carry money balances the more interest rates it will cost. The individual debt repayment strategy will vary based on what type of debt you have for instance credit card debt but either has two methods of repayment i.e the showball method which involves listing your debts by total amount and paying off the smallest ones first and the avalanche method whereby you rank your loans based on the interest rates and paying off the ones with the higher interest rate first.

Stick to your list – this is basically having a plan and the moment you spend money outside what’s in your plan you spending it on something you didn’t plan for and the list should be made in the order of priority.

Create a budget – this will help you to figure out how to meet both your short term and long term financial goals. You have to know what you working with, your commitments and what you have remaining to devote to your financial goals. If your income is less than your commitments, that shouldn’t be a worry for you can find a way to trim the expenses.

So basically as you accumulate savings your financial worries should reduce as long as you’re living within your means and finding the best savings account is key to making sure that the money you do put away earns you the highest interest.

Once you’ve paid 3-6 months worth of expenses in the emergency fund, you can start saving money in a tax advantaged retirement account which will allow you to invest in the stock market and you won’t have to pay any taxes on those investment gains and this will help your money to grow even faster.

Saving money is incredibly important as it gives you peace of mind, expands your decision options that have effect on your quality life and gives you the retirement option.

225 thoughts on “WHY AND HOW TO SAVE”

  1. Fantastic job here. I definitely enjoyed what you had to say. Keep going because you absolutely bring a new voice to this subject. Not many people would say what youve said and still make it interesting. Well, at least Im interested. Cant wait to see more of this from you.

  2. Thank you! Excellent information!
    writing a review essay [url=https://agbsl.pro]how to write a persuasive argument essay[/url] professional report writing services

  3. Terrific tips. Many thanks.
    canada pharmaceuticals online [url=https://northwestpharmacylabs.com]prescription prices comparison[/url] canada pharmacy online reviews

  4. Thanks a lot. Plenty of advice.
    order prescriptions online without doctor [url=https://canadapharmacies-24h.com]canada pharma limited[/url] best canadian online pharmacy

  5. Whoa tons of beneficial data.
    how to write a play name in an essay [url=https://homeworkcourseworkhelps.com]how to write an argumentative essay[/url] essays website

  6. Great posts. Regards.
    best canadian prescription prices [url=https://onlinepharmacycanadahelp.com]ed meds online without doctor prescription[/url] buy generic viagra online

  7. Regards! I value it.
    canadian rx pharmacy online [url=https://canadarx-drugservices.com]list of approved canadian pharmacies[/url] viagra generic canadian pharmacy

  8. Valuable advice. Cheers.
    how to write a college essay about yourself [url=https://homeworkcourseworkhelps.com]scholarship essays for college[/url] pre written essays for sale

  9. Beneficial forum posts. Kudos.
    prescription without a doctor’s prescription [url=https://canadianpharmacies-24h.com]ed meds online[/url] cialis generic pharmacy online

  10. You actually explained this very well!
    narrative college essay [url=https://ouressays.com]how to write the perfect college application essay[/url] good essay writing service

  11. Whoa a good deal of helpful info!
    cheap viagra online canadian pharmacy [url=https://canadapharmacies-24h.com]trusted online pharmacy reviews[/url] pharmacy prescription

  12. Truly a lot of beneficial information.
    how to write an editorial essay [url=https://essaywriting4you.com]essay writing service[/url] best assignment writing service

  13. Pingback: 1offender

  14. You actually said this well!
    online pharmacy without scripts [url=https://canadianpharmacyonlinedb.com]canada pharmaceuticals[/url] pain meds online without doctor prescription

  15. You made your point very effectively!.
    writing a proper essay [url=https://dissertationwritingtops.com]essay rewriter[/url] best professional resume writing services

  16. Amazing plenty of superb advice!
    canadian pharmacy without prescription [url=https://canadianonlinepharmacybase.com]canada pharmacies online[/url] best online pharmacy

  17. Thank you, I enjoy it!
    how to write a compare and contrast essay [url=https://altertraff.com]https://altertraff.com/[/url] what is the best custom essay writing service

  18. böbrek tümörü kilo kaybıkilo kaybı kas erimesi depresyon sonras? kilo kayb? konusma bozuklugu elde guc kayb? kilo kaybı olmayan ishalkanser tedavisinde oldum kilo kaybı
    sık idrara çıkma ve kilo kaybıgraves kilo kaybı su kayb? kilo yapar m? köpeklerde kilo kaybıtemporal artritde kilo kaybı
    mide küçültme aylara göre kilo kaybıritalin kilo kaybı trombosit dusuklugu kilo kayb? kilo kaybı sebebihamilelik sonrası kilo kaybı
    candida kilo kaybışeker ilaçları kilo kaybı kilo kayb? etyolojisi 1 ayda kas kaybı olmadan 10 kilo vermekiştahsızlık ve kilo kaybı
    kilo kaybı iştahsızlık su içmecitoles kilo kaybı yaparmı surekli kar?n agr?s? ve mide bulant?s? neden olur kilo kayb? sırt ağrısı ve kilo kaybıani kilo kaybı iştahsızlık

  19. камелот коктебель официальный хостел санкт петербурга
    гостиница в бескудниково санаторий в зеленогорске ленинградской области цены витязево отдых 2021 цены
    отель домино новый афон как добраться из москвы санатории крыма для пенсионеров

  20. апарт отель вертикаль санкт петербург отзывы лазурный берег лермонтово
    отели в анапе по системе все включено железноводск санатории цены офтальмолог пятигорск
    отзывы о санатории родник пятигорск санаторий эдем отзывы лучшие гостиницы суздаля

  21. гостиница острожский вал санатории дивноморска
    шексна пансионат сочи вардане завтрак санаторий солнечный кисловодск васильевский санаторий казань официальный сайт
    альметьевск отдых отель престиж барнаул красная талка геленджик официальный цены

  22. ялта интурист 2021 абхазия пансионат пицунда
    крым на берегу моря плазма владикавказ санатории по урологии в россии
    судак отдых 2021 отзывы отель грей наири сочи сок спутник

  23. палладиум отель набережные челны гостиница юрюзань
    детский санаторий орленок таруса отели и гостиницы пансионаты небуга
    кабардинка бассейн межгорье закарпатье отдых на побережье краснодарского края

  24. отель рандеву якутск отель воскресенский истра
    центросоюз кисловодск отзывы карагайский бор сайт исток ессентуки официальный сайт цены
    гауда абхазия отель амакс в великом новгороде турбаза мир алушта официальный сайт цены

  25. все включено анапа отдых отель надежда сочи
    спа отели в петрозаводске с бассейном гостиница холидей инн москва лесная отель октавиана санкт петербург
    приморский ялта санаторий управделами президента сочи гостиницы в нижневартовске

  26. гостевой дом абхазия лучший семейный отель в сочи
    гостиница визит нижний новгород славянка джемете официальный сайт гостиница читы
    ко бекасово санатории пятигорска с лечением цены одуген

  27. недорогие санатории в ессентуках сан русь сочи
    енисейская 62 а самара матрешка плаза туры в кисловодск из ростова на дону челябинск карагайский бор автобус
    абхазия авито отдых на двоих на выходные delta sirius сочи

Leave a Comment

Your email address will not be published. Required fields are marked *