The habit of Saving

saraIt is important to start saving what you earn from a early age. Saving from your every earning will go a long way in making you financially stable in life. One of the foremost money-saving strategies is to pay yourself. There are many sophisticated ways to get this accomplished, and there are also very simple ways to see results toward your goals: the piggy bank method.

Essentially, you create three separate, but equal accounts to make three separate, but equal deposits into each of them. You will eventually open these accounts at a bank, but you want to start at home, and you can use three jars, envelopes, or as the title of this money saving method, you can use piggy banks. For ease of explaining, we will assume you are using three separate jars.

You will label the first “savings”, and by depositing into this account, you are following one of the oldest money saving strategies known by paying yourself first.You can go ahead and label the second jar investments. Investment is another great form of saving. Your money gets to work for you. Most successful people in life have invested in various areas and have their money working for them. This is how the richest men on earth have built their wealthiness. Label the third bank or jar Charity. The charitable bank or jar is where you give back to the community and needy people. If you ever need a helping hand, you can believe it will be there just as you have been there for others. debt consolidation credit reliefThe three strategies above can help save and have enough for all your needs and wants when that job finally comes to an end. Being charitable cultivates the good habit of saving and sticking to your budget. Allocating your earning to the three banks above creates discipline and commitment on why you create and spend your money. Once you have this strategy in place, applaud yourself for you are securing your financial future and taking control of your money, and your life.