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Saving Money

There are a million excuses as to why you can’t save money and even those people who understand the importance of saving, put it off. Saving is a here and now, do not avoid or put off, must do part of any sensible financial planning. In fact, it is the most crucial part.

Consider the following questions;

• If you lost your job could you afford to pay your rent? Pay for food? And for how long if you could?

• Would an unexpected automobile crash or home repair put you in debt?

 

Regardless of our financial situation, we can all benefit from having additional cash on hand.

How do you get started?

The first step of course, is to have a goal - something you would like to achieve.

Visualize your goal, short term and long term.

For example, if you are saving for a house or a new car, take a picture and post it where you will see it daily.

If your goal is to pay off debt, post a copy of the bills you are trying to reduce and as the bills reduce, post your progress where you can see it frequently.

Focus on Saving

• Pay yourself first.
• Determine the amount of money that you can afford to save each month;
• Teach your children to save – use the piggy bank;
• Have an emergency fund and do not touch it unless you are in dire need;
• Wherever you decide to keep your savings, make sure you put money into it every month.

Remember; if you want to see your money grow put it with a secure financial institution that will offer the best alternatives for your short-term or long-term financial future.

There are quite a few savings options in Bermuda. A savings account is not one size fits all so you should decide what works best for you.