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Personal Finance Information brought to you by credit cards 101 |
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Saving Dimes Can Go a Long Way
On the other hand, there are those people who are saving dimes and every other cent. Perhaps its because they hate the clutter of change but want to get rid of it instead of letting it accumulate elsewhere or still rely on the fact that change has value and should be used accordingly. For those who find it hard to save, start with a small piggy bank and contribute any lose change to that bank and let it grow. Change that you were going to use to buy a snack from the vending machine or soda, use to contribute to your piggy bank. Bring snacks and drinks from home to save on cash. Saving dimes may seem difficult to do but as stated before simply start contributing any lose change into a piggy bank. Then take on the next step. If you haven't created a personalized budget for yourself, now is the time to do so. A personalized budget lets you know how much money you have going out and how much money you have going in based on a monthly budget. Included in money going out will be all expenses for the month from mortgage/rent, utilities, food, gas, etc, and money that you are contributing to your savings. Income sources are listed under money coming in. Ideally you'd like to have more money coming in then going out. If you have more money going out, you are likely in debt, or on your way to debt. If you are realizing that your expenses are outweighing your income then you need to learn to cut back on certain expenses. Make your lunch inside of buying it everyday, rent movies instead of going to the movies, or walk instead of drive if feasible. In order to prevent yourself from spending your paycheck once you receive it, see if you can have a portion of it deducted and put into a separate account that way you don't even see it and therefore wont spend it. This way it seems as if you are working to pay yourself first, opposed to just working to pay your bills. Always remember in case an emergency arises you then have this money to turn to. Do you have goals in life? Think back to your piggy bank scenario. All that time spent saving dimes can be put towards something, even if it's only a small chunk of money, it can then be added to your savings account periodically. Aim to achieve your goals, and once you do, you will feel the success from accomplishing them and be able to set new goals to strive for. So perhaps you don't have any goals at the moment that involves taking a trip, getting out of debt, saving for a new house or so forth but think about why it's important to save money regardless. What happens if your car breaks down, you need a new roof, or need to pay out of the pocket medical expenses? Most people don't have cash easily accessible for these situations so that's why it's important to have an emergency cushion available to be able to afford these expenses and avoid debt, so start saving dimes today! Are you planning on retiring someday, if so you'll need to set aside some money to be able to live comfortably in your golden years. Today people are living longer due to advances in medicine and public health which means if you live longer you are going to need more money to get by. Although social security may provide you with some income in your future, it was never intended to be a primary source of income. Education isn't getting cheaper; the cost of private and public education is increasing every year. Don't put yourself at risk. What happens if you need a root canal, surgery, or whatever the personal case may be you don't want to be forced to take out a loan or put yourself in debt just to take care of your well being. So with that said, start saving dimes today. Start small by saving dimes and then work your way up to a savings account, which will gain more interest with the more money you contribute. Katie Spencer is a contributing writer for a number of international financial journals both online and in print. Katie has been delivering financial education to the public in a variety of areas to include budgeting, credit and debt management, and money saving tips. Recently, Katie has been in partnership with a national educational foundation to deliver financial advice to American consumers via the web. For more information and to read the latest articles published by Katie, please visit http://www.savingdimes.com.
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