EFFECTIVE MONEY SAVINGS TIPS
Saving is your best defense against bankruptcy. It insulates you from
possible financial loss and gives you the ability to expand your finances
and create a money-generating business machine that will help you earn
Your potential to flexing your base income is augmented in ways that is
not confined within the walls of basic employment. You can start up your
own business, use it for loan purposes and earn interest on them while
being used, among others.
But the basics of it all lies in saving – spending less than what you
earn and keep something enough for future use and for unforeseen
This article provides you with ways on how you can effectively maximize
your financial resources and helps you manage your money by developing
correct habits and outlook suitable for your goal.
Ø Wants and Needs – You buy items because you need them. A need is
something you cannot take away from a person for these things are vital
to his or her very existence and without them, they are categorically
considered poor or deprived.
Food, shelter, clothing and transportation are the primary examples. In a
modern world, car and phone gadgets are a necessary part of a busy
working individual. However, unless you are receiving more than $10,000
per month, you basically won’t need to have a $40,000 to $50,000 luxury
The same is true for your telephone media. Having your own cellular phone
is necessary but keeping up with the latest model or buying the a ll the
latest releases are not practical and earns you more points on plunging
into a staggering financial downfall.
Ø Less Is best – Extravagance is the rule of the kings. While we
sometimes need to afford a little affluence in terms of the food we eat,
the body pampering devices and accessories, such as clothes and body-
relaxing services, we also need to consider that these types of
activities should only be reserved for special occasions and for cases
when you have some excess left in your household b udget.
Ø Spend Less; Save More – Spending more than what you earn or produce
is a bad habit that most people get used to doing everyday.
Allocate a special percentage of your earnings to go into your savings
accounts while spending the rest for your day-to-day expenses.
Unexpected charges, such as the visitation of your relatives or a house
party due to a certain celebration will be there to stay so you need not
make some leeway budget on them and save them should situation not arise.