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- If you don't already have one, open a savings account with a financial institution
- To determine how much surplus cash you will have to contribute to your savings, make a budget
- Many financial experts recommend that you save up to six months worth of living expenses in an emergency fundLos Angeles Times: It's Time for an Emergency Fund
- Saving money may allow you to pay off loans or credit card bills and get out of debt; this could free up even more money for savings
- Use coupons; many coupons are available online, and the savings can really add up
- Coupons can potentially help you save big money on your grocery bills
- Live frugally—don't spend what you don't have and put any extra income towards a savings account
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In tough economic times, saving money is a must. Regardless of the current economic climate, however, you should always make saving a top financial priority. Whether it's curbing your spending habits, learning how to make a budget or getting yourself out of debt, this page offers links and information about valuable money saving tips.
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Emergency Fund
According to a 2008 survey, approximately 42 million Americans live paycheck to paycheck.Los Angeles Times: It's Time for an Emergency Fund What does this mean? It means if one paycheck is delayed, millions of people may be forced to cut back on at least one major household expense, including paying utility bills, car payments, groceries or even mortgage payments. Establishing an emergency fund will allow you to draw funds in the event your paycheck is delayed, or if you become unemployed.How much do you need in your emergency fund? Most experts recommend at least three to six months of living expenses—more if you can afford to save it. During times of economic crisis and high unemployment, however, some experts are recommending that you amass up to one year's worth of living expenses in your savings account.American Public Media: How much in emergency savings? (February 23, 2009)
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Saving Money Via Smart Credit and Debits
Saving money is more about learning and less about doing. The way one looks at money and understand how it works, as well as understanding how credit and equity play such a huge part in saving, the better off they will be.Some of the wealthiest middle class people are teachers, cops, and firemen, even though their salaries may pale in comparison to their fellow wealthy Americans. Why? Because they managed their money right, Made sure their Credit Score and Credit reports were on the up and up, and invested their money wisely.
Investing Saved Money There are people who save $10,000 a year from their salary who are millionaires within just 2 decades. These are people who do not put their money in the bank. They invest their money in stocks, bonds, and ETFs. Take the time to learn the market and you will likely double or triple the return you'd make keeping your money in a certificate of deposit at the bank. I recommend reading the various money management forums out there such as Money Making Online and others. Just search Google.
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