Saving is the Key to Your Goals
In Money Management, you learned about setting financial goals. The best way to accomplish your goals is to save money and stick to your spending plan. The more money you’re able to save, the easier it will be to accomplish your financial goals.
Automatic Ways to Save
The first step is to figure out how much you need to save each month. Once you’ve determined how much, look for automatic ways to save like having money directly deposited into your savings account each month or with each paycheck. If you have checking and savings accounts, you can set up automatic transfers. It’s easier to save when you don’t have to think about it all the time. Plus, automatic savings is a great way to stay consistent and avoid impulse spending.
Getting Help from Your Community
Some communities have created savings clubs — such as the Dominican Sans, the Korean Khee, and the Caribbean Susu — to help one another save money. If this type of community-based plan appeals to you, check to see what is available in your area.
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Yes, You CAN Save |
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The hardest part of saving is getting started. Here are a few pointers to help you get started. Pick and choose the ones most likely to work for you.
- Make your coffee at home instead of buying it
- Bring lunch, instead of buying it
- Wait for sales on clothes and home products
- Use coupons and follow the specials at your supermarket
- Use the Internet to shop for lower prices on name brand items
- Use only traditional financial institutions and save on check cashing costs
- Use the library instead of buying books
- Shop with a list and don’t be tempted by sale items you don’t need
- Rent movies on DVD instead of going to the theatre
- Eat out less and cook dinner at home more often
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