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Money Saving Tips

 

 

Have you ever wondered why it seems that your money comes and goes a little too fast? It may be time to consider making a budget! Budgets are a system used to manage your money. They can be helpful when you are having trouble saving for a new outfit, game system, or even a car. Financial goals are tasks you would like to accomplish that involve money. You can use a budget to reach your financial goals. Here are some tips to get your started:

 

Get a Savings Account

You can’t hide your money under the mattress forever! Opening up a bank account is an important step toward becoming an independent adult. Most savings accounts collect interest, which is extra money you get in your account when you keep money in it for a certain amount of time. Who doesn’t want free money?

Don’t Splurge

It is so easy to get tempted to spend money in the spur of the moment. Before you make an unnecessary purchase ask yourself, “Do I really need this?” or “Is this actually something that will be worth spending money right now?”

Focus on the Little Things

Small expenses tend to add up over time. For example, if you buy a slice of pizza everyday for lunch for at $1.50. That turns out to be $547.50 a year! What may seem like a little money at first may turn out to be worth a fortune if you wait long enough. Make sure that you always keep track of what you spend your money on.

Beware of Credit Cards

Credit cards are great to have to build your credit and bail you out of emergencies. But remember that everything is good in moderation. Overspending with your credit card can put you into debt and make it harder for you to save money while you pay off outstanding bills. If you are trying to build your credit, make a personal spending limit on things you purchase with your credit card. This will keep you from spending more money than you are able to pay off on your bill every month.

 

If you are interested in creating your own budget, you can go to: www.mappingyourfuture.org/money/budgetcalculator.htm 

 

 

 

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