FinanceDogma – Finance, loans, creditcard and mortgages

May 4, 2009

3 ways to maximize your savings

Filed under: Finance — Tags: , , , , — admin @ 2:28 pm

Are you, like many people today, trying to make sure that you have a little bit of money saved in case something unexpected happens? It is no secret that building your savings is a good idea, but sometimes we find it hard to do this in a consistent way. For example, we often plan to save so much of our paycheck, but then end up spending so much of our savings-to-be money that we don’t even see the point to putting the rest back. Well, believe it or not, even though you have the best intentions to save, that right there might be your biggest problem.

The intention to save is a funny thing, because it is often what causes us to fail when it comes to putting money aside. Here are three ways to not let your intentions get into the way of your savings.

First, plan on putting just a small amount aside. For example, if you want to put 10% of your money aside, than plan on putting away 5%. This is the key, to not set your expectations so high.

Second, remember that since you have only set a very small amount aside, you cannot touch it. You cannot spend it for anything. You must honor this amount of money, and not waste it.

Third, put your savings in a bank account. Do not keep them as cash. This is not only easy to lose, but it is easy to spend… way too easy! If you don’t put your savings aside in a bank account, than you will most likely lose the battle of will with yourself, and then you can kiss your savings goodbye. You must not trust yourself with that loose cash, or you will just need to start all over again.

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