savings 101

By RH

savings 101

The New Year is almost here and this year could make a big difference for you financially, if your learn about Savings 101. No, it is not a class or course. It is the basics of savings.

Everyone needs to learn to save. You can start small and then build it up. Many people are afraid to start saving because they don’t think they earn enough money. They say they cannot afford to save. However, the truth is you cannot afford to not save.

Without savings you cannot take care of emergencies. Without savings you cannot retire. Without savings you cannot pay for your children’s college education. Without savings you cannot put a large down payment on your home.

Pile of Cash

Make savings automatic. What I mean by this is that you need to have the amount of money you want to save taken directly out of your paycheck or from your checking account and placed into a savings account.

You don’t have to put away a large amount. Start small each paycheck, even $5 or $10 will do to start. The key is to start. Give up some items that are not necessities, such as cable TV, and put that money into savings.

Make your money grow for you. If your employer matches your retirement savings, put money in there up to the match. If they don’t, start a ROTH IRA. Invest in yourself. This my friend is Savings 101.

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