Personal Finance Planning: Save It All In The Bank
By simply changing some habits and adopting personal finance planning, you can easily reduce your costs significantly. However, it is also important to see the bank balance start to grow. Saving money seems like a painful exercise for many people these days. This seems to be case because many people either don't possess the discipline or are unaware where their money is ending up. In this article, we will discuss some money saving tips to help you get your bank balance up giving you some security for a rainy day.
It's not uncommon to see many individuals spend their entire salary before even receiving it. This typically occurs because we overspend the previous week or we purchase something that we simply had to have.
One of the first things you should do if you want to start saving a serious amount of money is withdraw a comfortable amount of money out of your account and store it away off site. By keeping it off site, it won't be at the back of the mind, but should you need the money, you must always remember where you stored it.
You should store away small amounts of money if this tip is to work fine. It will be useless to store more than you should so that you spend it later. Don't forget that even a saving of 10 dollars every week amounts to 520 dollars over the course of a year.
Another thing you should do is research saving accounts with high interest rates. Believe it or not, but many banks offer these at rates up to 12 percent interest. However, before you start rushing off to your nearest, it's important that you are aware of the terms and conditions that come with these types of accounts.
What tends to happen is that you have to leave the money in the account for a minimum amount of time, which could from 1 to 2 years, if you want to qualify for the high interest rate. In order for this to work, you must only save money that you really afford to live without for such a period of time.
In addition, you may be obliged to put minimum deposits on a monthly basis in your account to qualify for the high interest rate. It's critical that you are well aware of all terms and conditions, otherwise, this tip risks backfiring against you.
It may not seem worth it to save tiny amounts here and there. Keep in mind that these tiny amounts will result in something significant. The good news is that if you follow the personal finance planning tips in this article loyally, then you will end up with a significant amount of money in your bank account.
It's not uncommon to see many individuals spend their entire salary before even receiving it. This typically occurs because we overspend the previous week or we purchase something that we simply had to have.
One of the first things you should do if you want to start saving a serious amount of money is withdraw a comfortable amount of money out of your account and store it away off site. By keeping it off site, it won't be at the back of the mind, but should you need the money, you must always remember where you stored it.
You should store away small amounts of money if this tip is to work fine. It will be useless to store more than you should so that you spend it later. Don't forget that even a saving of 10 dollars every week amounts to 520 dollars over the course of a year.
Another thing you should do is research saving accounts with high interest rates. Believe it or not, but many banks offer these at rates up to 12 percent interest. However, before you start rushing off to your nearest, it's important that you are aware of the terms and conditions that come with these types of accounts.
What tends to happen is that you have to leave the money in the account for a minimum amount of time, which could from 1 to 2 years, if you want to qualify for the high interest rate. In order for this to work, you must only save money that you really afford to live without for such a period of time.
In addition, you may be obliged to put minimum deposits on a monthly basis in your account to qualify for the high interest rate. It's critical that you are well aware of all terms and conditions, otherwise, this tip risks backfiring against you.
It may not seem worth it to save tiny amounts here and there. Keep in mind that these tiny amounts will result in something significant. The good news is that if you follow the personal finance planning tips in this article loyally, then you will end up with a significant amount of money in your bank account.
About the Author:
Jenni Snook is the main reporter of http://www.HealthyWealthySoul.com, a website focused on providing people advice and resources on personal finance planning to achieve both financial and spiritual bliss in their lives.
posted by Credit Counseling at
3:20 PM
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