the power of saving
Saving has always been a way of life for people who believed in its power. These people know that they have to save more money in order to create a more fulfilling and financially independent future. However, as time goes by, more and more people find it hard to save money. They contend that saving is no longer a way of life but a resolution that they have to strictly adhere to just to stash away certain amounts of money.
Some people even insist that it is no longer possible for a person to save more money because most of them are already living paycheck to paycheck. With the high prices of necessities these days, saving more money is no longer workable. But contrary to this point is that, people can indeed save more. How? Read on to learn some modern-day ways that will help you save more money.
Percentage & cash
Save some percentage from your salary – Most money-savers automatically take at least 30% from their salary and deposit it into their savings account. The basic concept here is that most of us spend whatever amount we have on our paycheck, and maybe even more. If you are able to limit that amount, your expenses will unexplainably get smaller.
Pay everything in cash – Credit cards had always been a way of life for most consumers. The problem is that they become so comfortable with it that they tend to spend everything on credit. In fact, statistics show that the average family has an average outstanding balance on their credit cards amounting to $7,000. And they even pay almost $1,000 in each year just on the interest charges alone.
Hence, because of this comfortable shopping, they forget to keep track of their expenses and accumulate more payables than what they can afford to pay.
Set goals
Create goals that you really want and not be fickle-minded about it. If there’s a certain amount involved, be specific with the amount, like saying “I will save $5,000 in a year and not around $5,000.”
Try to set your goals based on your priorities. Have a period for every goal.
Think 401k
Check your company’s retirement plan – With your employer plan such as the 401(k) or the 403(b), you can definitely save more money for the future. Here, your company will deduct a percentage of your salary from each paycheck and invest the amount in your choice of instruments mainly mutual funds. The bottom line is that saving is not just a way of life or a resolution. It’s the ultimate gratification that you get as a fruit of your labor.
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