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How to Develop a Habit of Saving Money

To save money isn’t easy and that’s why you need to have self-discipline and self-control in order to achieve this feat. Most people find it more difficult to save, that to pay mortgage loans. In a recent study conducted by a leading news portal, 50% of Americans have less than $500 in their bank accounts. Given the economic development of the country, this is actually shocking and you need to ask yourself if you fall in this bracket. You are falling in the bracket that you are in by choice.

Most people only realize the value of saving when emergencies strike. Think of a situation where calamity hits and you’re required to leave your state or country and into a foreign country where your medical insurance or other benefits don’t apply. If you have money in your account, all you need is an ATM machine, where you can withdraw the cash and start your new life. That is how convenient saving can be in your life.

The initial step towards creating a saving culture will be making up your mind to begin saving. Many financial experts recommend that you save not less than 10% of your total income. You can use spreadsheets or the easily available financial software to determine where you spend most of your money. Those who have home-based businesses stand to save more since they have tax advantages. If you haven’t been saving anything, it would be good to start with as little as $5 per day or per week depending on what you are earning. Make sure to remain consistent with the figure you choose.
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You need to make saving part of your monthly expenses. Treat savings as a car loan or mortgage that would accrue an interest if it is not performed. If you have a separate savings account, make sure to set automatic payments that would be deducted at an interval of choice. Just like taxes and insurance payments that are deducted automatically, you won’t feel the pinch.
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Always read books on personal finance since they have many tricks that you couldn’t have imagined or practiced yet they are easy to implement. Look for some of the books that focus on the topics that you need and have a good rating. You will find everything you need, from saving on groceries to general saving without living uncomfortably. While you save, remember that your debts are an expense too and should be paid off. Don’t stop saving to pay debts since it is commendable to practice both together.