Saving Money: Why & How

Money can be a source of comfort for many people, but it is also a source of discomfort for others. Understanding your 'Why' and setting specific goals will help you gear your mind towards putting money aside over time. Successfully saving money requires consistency, discipline, and sacrifice, but it is achievable. 

 Importance of saving:  

• Saving can give you freedom 
• Saving provides financial security to a certain extent  
• Saving means you can take calculated risks 
• Saving prepares you for the future: new house, car, college education, etc.  
• Saving reduces stress  

 How to save money:  

• Pay off debt 
• Cut down your grocery budget 
• Cancel automatic subscriptions and memberships 
• Spend extra or unexpected income wisely 
• Lower your phone bill 
• Do without the coffee trip 
• Refinance your house 
• Sell things you don't need 

Recommended book: Get Good with Money by Tiffany Aliche    

Read more about saving money here:    

• 3 Reasons Why You Should Save Money | Discover 
• How to Save Money: 22 Simple Tips | RamseySolutions.com 
• 6 Types of Saving Accounts (businessinsider.com) 

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