FinanceDogma – Finance, loans, creditcard and mortgages

March 21, 2009

Building up your savings

Filed under: Finance — Tags: , , — admin @ 12:44 pm

As the economy grows unsure, it is often wise to keep a nest egg built up so that you have some emergency cash if you need it. Having savings is absolutely necessary to anyone who wants to be fully ready when calamity strikes, when your luck goes sour, or if things just don’t line up. I mean, it would be much cheaper to just spend some savings on a payment that you don’t have money for, as opposed to getting a payday loan or something like that. And then you can just replace the money you spent from your savings.

A really good way to start saving is to pledge a certain amount of money to your savings account every week. Make it a small percentage of what you earn. The key to saving is not in putting aside a huge percentage, but in putting aside a percentage that you can actually keep from spending. So, whether it is one, two, five, or ten percent, pledge a certain amount of money every month to go to your savings, and then don’t touch it… until the time comes when you absolutely need it. Then, you will be very glad that you have it!

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