How to Build Your Savings for a Safe Financial Future

If you are looking for ways to save more without lowering your standard of living, then read on for some useful practical advice. If you want to save money without living a miser’s life, then you must start by taking a quick account of your income and expenditure. This will help you in figuring out your goal for the savings. Post that, all you’ll need to do is to make simple changes that will help you accrue larger total savings.

The first thing that you should remember is that doing things by yourself at home is always cheaper than getting ready made goods or services. You might have to make some initial investment though. For example, you can start making your own coffee at home before you leave for work instead of buying one from the nearby Starbucks. This will help you save money on a daily basis. Similarly, instead of going to canteen, it is better to keep some tea bags and make tea with the hot water in your office itself.

Find home made alternatives for various commercial goods. For example, vinegar and water can be used to clean glass and baking soda can also act as a cleaning agent. These will not only help you save the money that you spend on cleaning supplies, but will also be more eco friendly.
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Prioritizing Your Financial Goals for Wealth Building

I consider prioritizing financial goals and money allocation as the most important part of financial planning. People are often faced with questions of whether to repay debt, save or invest money. If you have to choose between these goals, then your current financial situation should be your best guide [Read more…]

Repaying Your Debt vs. Building Your Savings

I have talked about the importance of having a budget and clearly defining the goals for which you are reducing your expenses. You will be able to save money by following a budget, but you will have many ways to use the extra money. Two of the most common ways to use that money is to build your savings or to repay your debt. But which one is a better option? [Read more…]

Do You Know What Your Saving Goals Are?

We are often told that we should allocate some of our income to savings. Some financial experts even come up with how much that allocation should be, and arbitrary numbers like 10% or 15% are recommended.

I have to say I don’t really understand this. How can they create a general rule about savings when all of us have a unique financial situation. And unless you know exactly what you are saving for, how can you decide how much to save? For all you know, you may just be better off spending some of that money now instead of keeping it for future. [Read more…]

It May be Time to Change Your Investment Strategy

The old wisdom about investing your money included avoiding touts, looking for low cost investments, being consistent, and keeping a diversified portfolio. However, there are certain changes that you should bring in your investment strategy to adapt to the changes in the economic situation. [Read more…]

Rethinking Investment of Retirement Savings in Your 401(k) Plan

If you have been investing the money for your retirement savings in a 401(k) plan offered by your employer, then it is time to rethink your strategy. Although, 401(k) is considered almost sacred as far as retirement savings go, its value has been decreasing lately. [Read more…]

Plan Early for Your Retirement

Retirement can bring a lot of changes to your lifestyle. Whether these are pleasant or not largely depends on how much planning has been put in during your years of employment.

Financial stability and independence play a huge role in laying the foundation for peaceful and stress free retired years. Post retirement, you cannot fall back on a regular monthly paycheck to meet expenses, and that is why having a reliable stream of funds coming in from your investments is important. With proper management of your finances during employment, this can be achieved quite effectively. [Read more…]

How to Increase Your Net Worth

Keeping track of your finances can help you make sound decisions in financial matters. A fair assessment of your position is critical to achieve savings or repayment goals because it will tell you how much extra funds you can afford to put into these areas. [Read more…]

Be Smart About Your Investment in Real Estate

If you have always dreamed of a retired life full of beach side lazing, carefree holidays, and comfortable living, it is time to wake up. Retired people are finding that many of their post retirement plans will never see the light of day, unless they can miraculously raise enough money overnight to pay off huge liabilities like mortgages. [Read more…]