By Colin Dunbar
3. Invest something, regularly
The basic means of saving is a standard saving account. By starting with this, it can develop the discipline of saving, and when you see your savings grow, it will inspire you to go onto bigger savings and investments.
For many of us, the discipline of saving regularly is difficult, especially at the start. This can be overcome by arranging automatic savings, that is, you can arrange with your bank that a fixed amount be deducted by debit order, and placed into your saving account. As your savings grow, you will find your discipline grows, and you become more motivated to save.
Investing your money has more benefits than spending. By investing, your money grows, and you are able to afford the luxuries of life, without going into debt. Investigate and research the investment options, and what interest rates are offered. Watching your money grow is a lot more fun than paying off debts. Start today.
4. Funds for emergencies
Unexpected expenses are a part of life, and when these occur, you will be in a better position if you are prepared for it. You know how it goes, something packs up, and must be repaired: car repairs, household appliances, or veterinary costs. In this case, "cash is king". Because you find yourself in an emergency, you can usually negotiate a better price when paying cash. Otherwise you are at the mercy of the supplier, when charging it to credit.
Savings can be used for these emergency costs. It is still better than debt, especially when considering the eventual cost, with interest.
About The Author
Colin Dunbar created the eaziGOAL system, offering you 11 practical and proven goal setting tools to enable you to get what you want. Manual, workbook with goal setting worksheets.
Click here to learn about these simple goal setting tools.
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