How To Save Money For Your Future


Since you were a child you’ve been told to save your money and prepare for the future. The sooner you start saving, the better off you’ll be in forty or fifty years when you want to retire.

But, whether because of the natural obstacles thrown at you by life or because you simply didn’t get around to it, opening those retirement accounts and diversifying your holdings just hasn’t happened yet.

Here are a number of tips to help you save money for your future and ensure you are protected no matter what happens.

First, Why Save Money?

We live in a consumer culture. Buy, buy, buy. Don’t save money that you can spend today. Some people take it to another level entirely, spending money they don’t have and generating massive debt as a result. This isn’t necessary.

By saving money you do more than just prepare for a rainy day. You immunize yourself from catastrophe that can strike nearly anyone in any walk of life.

Housing bubble collapses, high unemployment or a fundamental destruction of the first world economy – these are very real things and some of them have already come to pass.

By saving money you can better survive the wave of crisis and protect your family. And ultimately, when you reach an age at which you want to retire and simply enjoy what you’ve done in life, having money in the bank makes anything possible.

How to Save Money

So how do you save money in ways that won’t fundamentally alter your lifestyle or make it harder to enjoy the fruits of your labor, right now? Here are a few methods to consider:

1. Save Money on Every Check

People have developed a habit of wanting instant gratification. But the most effective way to save money is slowly and steadily. If you set aside $100 per month starting at age 25, you will have more than $300,000 in savings by the time you reach retirement.

Now imagine you double that, and that you can do it every paycheck for your entire working life. That’s a lot of money set aside.

2. Live within Your Means

The simplest tip I can give you is to only spend what you have. There are three steps to this.

First, set a budget. Determine how much money you make each month, how much needs to be spent on necessities, and how much you want to set aside for savings.

The rest is your “means”. Live within them and you will avoid running up excessive debts.

3. Buy in Bulk

Not everything is a deal in bulk, but certain things that cost substantially more when purchased alone can be much more affordable when purchased in large volumes.

Dry goods are always recommended to be held in storage, including grains, canned foods, paper products and anything else that can be held at least 3-5 years.

4. Reduce Your Bills

There are many simple strategies to cut back on your energy bills.

Turn off lights when not in the room. Upgrade your washing machine or water heater. Purchase a solar heating system for your home.

Replace your air conditioner with one that has a much higher SEER rating and uses significantly less energy.

5. Eat Accordingly

Eat what your body truly needs and you will save a lot of money on your bills. Consider growing your own food too.

The cost of homegrown greens and vegetables is significantly less than the cost of buying them in the store and reduces the urge to buy expensive, health-problem-causing junk food.

6. Don’t Use Credit Unless You Can Afford It

Again, live within your means, and to that end, don’t use credit unless it is responsibly.

Buying something you want on a credit card if you don’t have the cash in your bank account to cover it is irresponsible.

Rare instances when credit is okay include loans from the bank to grow your portfolio, home loans with realistic fixed rates, and possibly a car loan at the same terms if needed.

Saving money can make your life infinitely easier starting now and open up endless possibilities when you are older.

So, take action today and start saving and you will be well on your way to a happier, possibility filled future.


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