3 Secrets of Successful Savers

Wondering how to spend less and save more? Learn from the best savers out there.

Live within your means

One of this stage pieces of advice is to avoid using credit cards. Many people use credit to buy things they can’t afford, but doing so creates a perpetual cycle of debt. By living within your means, cash will cover your expenses, and you can spend the money you’ll save on interest payments to purchase more important things.

Living within or below your means allows you to funnel money you don’t spend into a savings account that grows and accumulates interest—which is much better than paying interest on consumer debt.

Create a financial plan

The first thing she recommends is having a savings account for the purpose of building an emergency fund. A general rule of thumb is to put aside three to six months’ worth of living expenses. This way, should an unforeseen emergency occur, you’ll have your financial bases covered.

We also suggest that people spend time accumulating knowledge about personal finance, and suggests attending financial workshops, or browsing the Internet to find no-cost resources. That’s a win/win on two fronts: You can receive an education while continuing to build your emergency fund with the money you’ll save from learning for free.

Learn to resist temptation

Becoming a successful saver requires some discipline, but the results will make it worthwhile. By following the above three tips from successful business people, you can continue to enjoy your life — and accumulate more money for your chosen goals at the same time.

Saving money can be accomplished by cutting out expenses that are wants—”anything you do not literally need to survive”—and focusing on the things you truly need. When you’re about to make a purchase, ask yourself if it’s a want or a need. If it’s a need, buy it; but if it’s a want, just walk away. Then funnel the money you’ll save from skipping the purchase into a savings account.

Finacial wellness

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