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How to Save Money Effectively

saving, budget, invest, save.

There would be no point in evading a very obvious fact; saving money is one of the most difficult things for most people to do. Yet, without saving money, life can be a financial nightmare.

So, how can one save money and save effectively? This is the question that this writer intends to answer as this article progresses.

The very first step is to resolve to save a part of your income every month. For a start, begin with just ten percent of your monthly salary. Put this money aside as soon as you get your pay packet. Tell yourself that this money no longer belongs to you and believe it. After you’ve done this for a few months it will become almost second nature to you and you can even increase from ten percent to say, fifteen percent.

It is also important that you save any sudden windfall that you were not really planning to spend. These include your leave grant, your annual salary increase, a performance bonus or a tax refund. The point here is that the money was not on your budget in the first place. So, you have no immediate need for the money. Therefore, do the sensible thing. Save this money and watch your savings grow.

It is also important that you attack the saving problem from its very roots. What are the things that you spend your money on? Recognize your unnecessary expenses, put a stop to them and you will have more money to save. Some of these unnecessary expenses may include eating out, drinking sprees with pals, shopping for designer clothes and shopping with credit cards.

To solve these problems, I recommend that you don’t eat out, (unless it cannot be helped) go straight home after office hours and cut down on your social life.

Finally, invest your savings. It is very easy to go to the bank and withdraw money from your saving account. But if you invest in stocks or even operate a fixed deposit account, your money will be relatively out of reach.

So, these are the basics. Cultivate the habit of saving money and, one fine morning, you will wake up and discover that you are rich.
Published: 2008-10-13
Author: Emmanuel Osondu

About the author or the publisher
I am an African. An educated professional and a published author into the bargain. I have a background in education and writing. I am also a compulsive reader and I run a media outfit where I hold the twin portfolios of CEO and founder.

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