Tips Save Money "8 Tips" - Sometimes the hardest thing about
saving money is just beginning. It can be difficult to figure out a simple way
to save money and how to use your savings to pursue your financial goals. Step-by-step guide can help you develop a realistic savings plan.
Tips Save Money "8 Tips"
1. Record your expensesThe first step in saving money is to know how much you spend. For one month, record everything you spend. That means every coffee, every newspaper and every snack you buy for the entire month. Once you have your data, organize these figures by category-for example: gas, groceries, mortgage and so on-and get the total amount for each.
2. Create a budgetNow that you have a good idea of what you spend in a month, you can build a budget to plan your spending, over-spending limit and make sure that you put money away in an emergency savings fund. Remember to include costs that occur regularly, but not every month, such as car care check-ups. Find more information about how to create a budget.
3. Plan on saving moneyConsider your monthly expenses and incomes, create categories of savings in your budget and try to make at least 10-15 per cent of your net income. If your expenses will not let you save a lot, it might be time to cut back. Look for non-essential that you can spend less on-for example: entertainment and eating out-before thinking about saving money on essentials such as a vehicle or a house.
4. Set savings goalsSet a goal of saving makes it easier to get started. Start by deciding how long it takes to achieve each goal. Some short-term goal (which usually can take 1-3 years) include:
Start an emergency fund to cover six months to one year the cost of living (in the case of job loss or other emergency)
Saving money for a vacation
Saving to buy a new car
Saving to pay taxes (if they are not already deducted by your employer)
Long-term savings goals are often several years or even decades away and may include:
Saving for retirement
Set aside money for your child's college education
Saving for a down payment for a home or remodel your current home
5. Define your prioritiesDifferent people have different priorities when it comes to saving money, so it makes sense to decide which goals are most important savings for you. Part of this process is to decide how long you can wait to save for goals and how much you want to put each month to help you achieve it. When you do this for all your destinations, order them by priority and set aside money according to your monthly budget. Remember that setting priorities means making choices. If you want to focus on saving for retirement, some other purpose may have to take a back seat when you make sure you're hitting your main target.
6. The different savings and investment strategies for different purposesIf you are saving for short-term goals, consider using these accounts FDIC-insured deposits:
- A regular savings account, which is easily accessible
- A high yield savings account, which often have a higher interest rate than a standard savings account
- A money market account savings bank, which has a variable interest rate that can increase your savings grow
- A CD (certificate of deposit), which lock your money at a certain interest rate for a specified period
For the long-term goal to be considered:
IRA, which was built for purposes such as retirement savings FDIC-insured. If you are not sure how much money you have set aside for retirement, provide retirement calculators Merrill Edge tries.
Securities, such as stocks and mutual funds. Investment products are available through an investment account with a broker-dealer (eg Merrill Edge). Remember that the securities, such as stocks and mutual funds, are not insured by the FDIC, are not deposits or other obligations of the bank and are not guaranteed by the bank, and has investment risk, including possible loss of principal invested.
7. Making it easier to save money with automatic transferAutomatic transfer to your savings account can make saving money easier. By moving money from your account, you are likely to spend the money you want to use for saving. There are many options for setting up the transfer. You choose how often you want to transfer money and which accounts you want to use to transfer. You can even divide your direct deposit between checking and savings accounts to contribute to your savings with each paycheck. Think of saving as routine expenditures is a great way to keep on target with your savings goals.
8. Watch your savings growCheck your progress every month. Not only will this help you stay on your personal savings plan, but also help you identify and fix problems quickly. With these simple ways to save money, it can even inspire you to save more and hitting your goals faster.
Tips Save Money "8 Tips"Tips Save Money "8 Tips"Tips Save Money "8 Tips"Tips Save Money "8 Tips"Tips Save Money "8 Tips"Tips Save Money "8 Tips"Tips Save Money "8 Tips"
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