How to Make It Easy to Save Money
Every person should aim to save money for future expenses. These savings can be used towards college, home purchases or medical emergencies. When you save, put your money in an account with limited access. This will prevent you from taking out the money to make fruitless purchases. Before using any savings money, wait a minimum of 30 days to think over the purchase.
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Instructions
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Start saving money as soon as possible. For instance, take the pressure off by saving for your child's college as soon as he is born. Depositing $50 a month for 18 years can help you save $10,800 without earned interest.
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Consider putting your savings in stocks and bonds if you don't need the money right away. For less limited access, invest the money in a high-yield savings account.
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Put excess income in a savings account. Instead of taking the money out of your regular paycheck, contribute money you would never miss. Examples include tax refunds, yard sale earnings, bonuses or income from a second job.
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Keep a piggy bank. Put all coins in the piggy bank and deposit the earnings into a savings account. Collect change from your car, pockets and cushions.
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Use monetary gifts to increase your savings. If friends and family ask you for present ideas, let them know that you would appreciate cash to put in your savings fund.
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Cut down on your living expenses. Choose a basic cable plan, shop at secondhand shops and limit phone service. The money you save can be put into your savings plan.
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Sign up for automatic withdrawal. To make regular contributions, have your savings account money taken directly out of your paycheck.
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Tips & Warnings
Never keep savings at home. This increases your risk of theft and losing out on potential interest for the money.
References
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