Yes You Really Can Save Money

Yes You Really Can Save Money



Yes! You Really Can Save Money
Sometimes,​ saving money may seem impossible .​
You buy groceries on​ Monday,​ pay bills on​ Tuesday,​ and by Wednesday your paycheck has disappeared .​
However,​ if​ you establish a​ savings plan,​ you’ll find money in​ places you’ve never thought to​ look!
If you’re like most American families,​ you wait for extra cash to​ save .​
However,​ by creating a​ plan,​ most people find they can save regularly—and reach their long-term financial goals.
In the​ beginning,​ the​ amount you save is​ less important than the​ fact that you’re starting to​ save regularly .​
It’s O.K .​
to​ start out small,​ but make the​ amount you decide to​ save each week or​ month a​ commitment—it’s very important to​ pay yourself first .​
Begin with an​ amount that you are sure you can set aside so that you build a​ sense of​ accomplishment rather than frustration .​
Giovanna Masci,​ money management expert at​ ACCION suggests the​ following to​ establish a​ savings plan.
• Distinguish between wants and needs: Real needs are items that are necessary to​ sustain you and your family such as​ shelter,​ food,​ clothing,​ and transportation .​
All the​ items that enhance or​ possibly improve your family life,​ like new electronics and meals out,​ are wants that could be eliminated from your budget.
• Set realistic and achievable savings goals .​
Experts suggest you place 10 percent of​ your income into savings .​
That's a​ good goal,​ but don't give up if​ you can't save that much .​
Establish a​ savings habit and save consistently—it’s better than putting aside a​ big sum just once.
• Set up a​ separate savings account using automatic deposit .​
If you mingle your savings account with your checking account,​ you'll dip into your savings and may never pay it​ back .​
If possible,​ have your employer deduct a​ set amount from your paycheck each pay period and deposit it​ directly into your savings account—after a​ few weeks,​ you won’t even miss the​ money!
• Put your savings goals in​ writing .​
Writing down your savings goals can have a​ motivating impact on​ your savings habits .​
It makes your goals real and concrete .​
Write down your short,​ medium,​ and long-term goals along with your projected timeframe to​ achieve them .​
Make sure the​ goals are attainable and realistic and review them regularly.
For more helpful tips about managing your money and to​ improve your financial literacy,​ visit Your Money and You (yourmoney.accion.org).




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