The Five Financial Goals-Saving Money

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Saving Money Skills Are Essential

Saving is another very important key to your financial success. Ideally, you should be targeting a savings rate of ten percent of your net income per month. This sounds like a lot, but savings can cover a lot of different options. There is a lot more to saving money besides just putting it in the bank.

saving money

You can purchase gold or silver, certificates of deposit or buy government bonds. All of these are considered to be very liquid assets. Liquidity is an expression of how quickly an asset can be sold and turned into cash. When you are concerned about the high risk of investing, these type of assets can be very stable. Putting money into your 409K or RSP is also a form of saving money.

Financial Targets And Saving Money

It doesn’t take long for money to add up, and you can add a lot of excitement to saving by setting targets or goals for yourself. Giving yourself rewards for reaching your savings goals is a good way to motivate yourself as well. For instance, if you reach your annual goals, you can take a weekend ski vacation. Or if you reach your monthly goal, treat yourself to a pizza or a meal out. There are lots of ways to make saving money interesting. And the long term payoffs of good money saving skills are almost immeasurable when you consider the benefits of saving money early for your retirement.

If you are having a hard time with your money saving targets, then it might be a good time to revisit your expenses and see where you might cut down on them. While this is a good temporary protocol, it is very limiting in terms of how much money you can realistically save through frugal living habits. On the other hand, if you look at boosting your income rather than cutting your expenses, you will not be limiting yourself and your lifestyle, but rather enhancing it.

While it is popular to preach the parable of humble living and meager expenses, I feel that only tells half the story and it is an easy cop out. It is far more valuable to give the advice to someone to find ways to increase the amount of money coming in, so that they are increasing the size of their budget and finances. Any increase in your finances allows the opportunity to increase the amount that is being set aside for saving or for investing.

Tomorrow we will be looking at Financial Education and its value to a sound financial plan.

Till Next Time….

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Sigrid McNab

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About Sigrid McNab

Sigrid McNab is the author of #1 Amazon Best Seller, speaker and the CEO and Founder of sigridmcnab.com. Sigrid specializes in blogging, attraction marketing, and generating highly qualified leads. Sigrid teaches people how to build a successful online business.

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