Lets start saving!

Take Action now. Let's start Saving!

Saving Money, we all want to do it however most would say the task is so much easier said than done. Wether its saving for your retirement, your family's future or simply attaining goals and getting the things you want - Saving is one of the most important ways to make sure you are financially sound (aside from Investing) when it counts and it is easy to learn. All it takes is to understand the fundamentals on how you are or will be spending.

So without Further ado lets get started! 

1. Distinguish wants from needs.  Figure out what you truly need, and distinguish these needs from what you want. Do you need a car that takes you from Point A to Point B? yes. Do you need a car that does exactly the same but cost 3x times more? no. 
2. Track your expenses.  Instead of spending indiscriminately, track your expenses. If you track cash outflow down to the penny, you can get a really good idea of where your money is really going. This can help you figure out where you can cut the fat, so to speak. 
3. Live within your means.  Following Step #2 above, you know how much you’re spending and on what you’re spending, right? Now you need to make sure that this fits within your income. If you have both pieces of information, you can make sure that you’re spending responsibly.
4. Maintain a gap between income and expenses.   Once we’re able to live within our means, we can take steps to make sure that there’s a gap between our income and expenses. Of course this means income exceeds expenses, not the other way around. Working up to 25% or more is a realistic amount, for today’s reality of a self-funded retirement.
5. Preserve and grow income.  Thus far we’ve focused on keeping control of expenses. That’s certainly important. That being said, we need to actually have money to save, before we can work on saving it! Let’s not take for granted the cash inflow part of the equation.  Working to maintain income first, and then working to increase income, are vital to our overall financial situation. Doing this, while keeping expenses under control as detailed in Steps #1 to #4, can supercharge your savings efforts.
6. Take Action. We know about these, its common knowledge. So all it takes is for you to take action. 

You may think this is common knowledge and believe this is easy to say than done, well..it IS much easier to said than done. Theres a saying we've all heard and that is "TALK IS CHEAP" which pretty much underlines my point, talking is definitely IS cheap however for those who doesn't actually take the time and effort to take action none of us will be going anywhere. 

So finally don't get discourage and don't give up. You may be surprised how much money you can put away for something far more enjoyable than what you could buy with short term savings. 

So lets get started and save some serious money!

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