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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 for a month, could you afford to pay your rent? Pay for food? And for how long if you could?

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

 

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.