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Easy Savings Plan

How to save money piggy bank

An Easy To Follow Savings Plan

Here I am going to outline an easy savings plan, a savings plan that you can follow without thinking too much about, once you have made the decision to act.

Depending on your circumstances you should address how much you are realistically able to save. This means establishing a true and realistic budget - without this budget you will never know whether you can save or not - you may need every penny just to survive.

Once you have a sound and honest budget worked out and can see what disposable income you have, after paying all your bills, then is the time to make some commitments to saving.

1) Long Term Savings

This might include your pension, endowments, a property, stocks and shares, and any kind of savings or investment that you know will take many, many years to show its true value. Long term savings should be started as soon as possible in your financial life. The reason for this is that interest and growth on your long-term saving take time to accumulate and add value to your investment - so start now! (if you havenít already). You will see REAL and SIGNIFICANT wealth accumulation over time.

2) Short Term Savings

This might include a monthly plan to transfer unspent disposable income into a holding fund that earns interest - you can then move the money, if you wish, to one of your short-term investments. For instance many banks and financial institutions offer enhanced interest rates to regular savers. As this is short-term savings, you should look for an investment that does not have a penalty for withdrawing your money. You may want to transfer an accumulation of short-term savings into a longer term investment, or you may need your short-term savings for a rainy day.

3) Penny Pot / Change Pot

This I always recommend, and anyone can keep and profit from this form of instant small savings. Essentially, you establish a container that you drop your loose change into, perhaps at the end of each day, or perhaps once a week, or even just when you think of it.

Loose change will mean different things to different people. Perhaps you will collect pennies, or low-value coins. Perhaps you will collect all the low value notes you have. Whatever is right for you, you will find that this form of small change savings really works. A good idea might be to get a large glass jar or glass bottle and use that to drop your loose change into - that way you will be able to get pleasure from seeing your small savings pot grow. When it is full, or even before, you may be very surprised to see how much you have accumulated in your penny pot. You can transfer the money to your other savings, short-term or long-term, or even spend it! (gasp!) :-) More seriously, this form of saving is a good way of ensuring that you never waste money - even the loose change in your pocket or purse becomes important to you in your overall wealth creation strategy.

I hope you enjoyed this little ieke financial dialogue, and have seen how a simple savings plan, that encompasses daily savings, short term savings and long term savings can really help you develop a valuable wealth portfolio, that increases over time.

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Top Ten Money Saving Tips

How to save money piggy bank

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Save Money Hints and Tips

Here are some bite-sized and easily read finance and money pages at ieke, to help get you started on saving your hard-earned money and creating future wealth and prosperity for you and yours. I have written these pages myself, and they are all original and unique content... ENJOY!

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