What are the children asking from Santa Claus this year? Here are the answers:
A job for their mom or
dad. Money for the heating bill. Food or a place to live. Maybe gloves or
boots.
Time is so bad that children don’t ask for things for
themselves. It boils down to the fact that we really need to save for a rainy
day. Here are more ways to save effectively:
1. Habit: You must thank your parents for helping
you cultivate the savings habit since young. You were given a piggy bank and
when you were older; your parent opened a savings account for you in one of the
banks in town. You have seen for
yourself the money in the account has accumulated into a substantial amount
because you have developed the habit to save regularly.
2.
Budget: As an adult, you are smart enough to
incorporate an amount earmarked for savings in your monthly budget. You very
well know that to save with what is left over for the month does not work. To
budget for it is the most effective way to save.
3.
Discipline: A budget is a wonderful tool to
manage your personal finance. Are you following the budget? It takes a lot of
self restraints and personal discipline to follow your budget faithfully. The
moment you go beyond the budget you are in debt.
4.
Financial goals: Your financial goals are a great
incentive to save. You know what you want to do with your savings and you will
determine not to touch the money. You may want to save for an essential big-ticket item, an emergency fund, down payment for your car or your dream house.
Building wealth is another important goal. You know the starting point to build
your wealth is from your savings. When you think of your money goals, you will
not spend unnecessarily.
5.
Avoid temptation: TV commercials are getting
your attention. The billboard ads are seducing you to spend. Ads in the papers
are irresistible. Your neighbor is driving a car which you wish were yours. Can
you control your urge and avoid spending on what you want?
6.
Be fearful of debt: Do not think that you are
gainfully employed and you are qualified for a loan. You pay more when you
purchase with a loan. Interest is a dangerous element that can snowball into
an amount that is beyond your means. Before you know you are declared bankrupt. As a bankrupt can you stand tall among your friends and relatives?
7. Think of
financial independence: I cannot imagine a situation that I have to ask for money
from my friends and relative. Financial
independence is the greatest incentive to save. You live the life you want with
what you have and you are happy because you don’t have to ask for financial
assistance or depend on anyone. A happy
life is about peace of mind.
It is never too early to encourage long-term savings. ~Ron Lewis
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I found this article to be very informative as well as the rest of your site in talking about saving money. I have also bookmarked your blog!
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I have been trying to save since Day 1 I started to earn my own money. But my attempts were never really successful. I always end up spending my earned money to things I neither use nor remember. Your blog ignited my hopes to save again. Financial independence, peace of mind... These words really brightened my eyes more than SALE billboards and 50% off in the price tags!
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