The Importance of Regular Savings:

Over time, I have realized that without certain good habits in place, my finances quickly get out of order. Perhaps the most important habit that I have learned is regular savings. Long terms goals are described as goals that have a lasting effect should a person’s present actions be religiously maintained.
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Regularly contributing to savings account is important on several levels. Of course, it’s good to have an emergency fund available for any of the countless situations or save for planned major expenses for which you would need extra cash.

Even though I know the importance of savings I will never make it without a plan. Somehow its always easy to spend all the money I have, no matter how much it is. I therefore treat savings like paying a bill, and I guess this is what it means when they say pay your self first. The key elements to making this strategy work are quite simple, first it has to be done regularly. If you miss your telephone or utilities bill this month, you will be expected to pay double next month. You can’t cheat your utilities bill out of a month so don’t do it to yourself.

To figure out how much you can save every month, you have to have a budget and commit to at least that much. If you say well you will save whatever is left, you will probably never end up saving anything or if you are lucky you might end up saving a lot less than what you actually should have. Budget for so many dollars, and put it in savings before you have a chance of spending it.

So how about you? Do you have any tricks you use to help keep yourself disciplined in saving money regularly? If not, why not give this a try?

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2 Responses

  1. Intiendes says:

    I always plan to save, but dont have the chance to do so.
    Good thing I have a savings for my child 😀

  2. Ravi Kalmady says:

    Budgeting? I’ve always had a love-hate relationship with that!

    Okay, it’s the beginning of the month, I grab a chair and a cup of coffee, fish out a pencil and slice of paper, and start writing my budget. Invaribaly, with alloactions to all my needs (and perhaps a few of my wants), it leaves me with NOTHING! I have the money, yet I’m a pauper, cause all the money is earmarked for something, and I’m confined to live the life of a recluse, comparing pennies versus days, deciding which meal will come within my budget and whether I should really send those roses to Jennifer.

    I know Robin you’re speaking the hard facts, very insightful and probably that’s the right way to live. Then again, it’s probably not the right way for me.

    I’d rather buy that $2000 Omega Seamaster today than save for a yacht when I’m 65.

    Thanks your point of view though.

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