Savings for Peace of Mind…
For our own peace of mind in today’s uncertain economic times, it is important to do what we can to prepare for life’s unforeseen circumstances. Did you realize the Personal Saving Rate in 2009 is at its highest point this decade? Americans are putting more money into their savings for retirement and unexpected events like unemployment and other emergencies.
7 Easy Tips For Growing Your Savings
During difficult economic times, it’s easy to neglect your savings. Regardless of the state of the economy, paying yourself is always a must. Her are seven tips for growing your savings.
1. Establish an emergency savings account.
In the event of an emergency, having money set aside will prevent you from dipping into your retirement or long-term savings. A general rule of thumb is to set aside money equal to two or more months ‘worth of living expenses.
2. Saving money for your long-term goals.
Saving becomes easier when you have a goal to work toward. If your employer matches a portion of your retirement contribution, you are passing up free money if you don’t take advantage.
3. Make savings automatic.
A portion of every paycheck should go directly into your savings account. Your bank can set up an automatic transfer for you.
4. Start small if necessary.
Even if you can’t afford to put a lot towards your savings right away, starting small will still establish a savings routine.
5. Comparison shop for the best rates
Search for a high yield savings account can double your interest.
6. Turn a payment into savings.
If you’ve recently paid off a credit card or loan. Add that payment amount to your monthly savings amount.
7. Savings you windfall.
If you just received an inheritance, a tax refund or a bonus at work, you don’t have to spend it just because you have it. Money set aside now will reward you later-and with interest!
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