Saving money, or a “saving habit” as others call it, is the starting foundation to financial success. Having money saved allows you to invest, buy a car and do countless other financial transactions.
Let’s get this squared away first – saving money is not investing. There is a huge difference between the two and it’s something you should be doing both of when you’re financially stable. There are countless guides, tutorials or “rules” when saving money but the basic principle stays the same. You should be saving as much money as you can while taking advantage of other wealth building techniques.
Your Guide to Saving Money
How to Save Money
The hardest part about saving money is not touching it once you’ve started saving. There are tons of saving guides out there. To take full advantage of these you’re still going to have to walk through the same basic steps starting with understanding your finances and goals. Learn the rest of the steps involved in setting up good saving habits.
Types of Savings Accounts
Not sure where to start or how to start a savings account? You’ve probably heard of a standard savings account offered by a bank but did you know there are several alternatives to a standard account? Many of these “savings accounts” offer much better interest rates and could net you more money in the long run for money you’re not using. Learn how to access these types of accounts and how much you can earn from them.
Being prepared for anything life throws at you is a major part of trying to remain financially stable and reaching stability. This is where an emergency fund comes in. These funds should be stocked with several months worth of cash to cover expenses. Do you know how much you should have? We’ll walk you through why you need one and how much you should have.