11/23/2017

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Save Your Savings

You can save money by saving the money you save

No matter how wealthy you are or how great a job you have, it is always a good idea to put some money away. There is always the possibility of something happening that might cause you to need additional money.

There are many ways to save money and the more you save, the greater the likelihood of having good financial health. You can save by buying things on sale, getting discounts, clipping coupons, catching buy one get one free promotions, and on occasion, you can walk away with products that are free if you catch the right sale at the right time.

Saving money on the things you buy is great, but what do you do with the money you save? When you save money on a purchase, do you save the money you've saved or do you spend it on other things.

A good way to build a strong savings account is to take any money you save on anything, and save it.

For instance:

(1) If you recently finished paying off your car and now the money for the car note is no longer being sent out each month, put the money in your savings account.

(2) If you buy a car and get a $1000.00 rebate on it, put that money in your savings account.

(3) If you save $25.00 by using coupons when shopping for groceries, put that $25.00 in your savings account.

(4) If you save ten percent the next time you buy some clothes, put that ten percent in your savings account.

(5) Hold off on buying that big screen television or that updated computer system. That money can go in your savings account.

(6) If you work overtime, put the overtime money in your savings account.

(7) If you get a raise, put the extra income in your savings account.

(8) Buy enough life insurance to take care of your burial needs and the family you leave behind, but don't overdo it. The money you save can help you build a nice savings account.

(9) If you get a tax refund, put the refund in your savings account.

(10) Any bill that you pay off, especially credit cards, take the exact amount of the payment each month and put it in your savings account.

In other words, save your savings. If you don't need another car, big screen television, room addition, swimming pool, or other big ticket item, don't create another large long term bill. Over time, you will have saved a nice sum of money and if you keep saving your savings, you can build a nice nest egg.

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