Tuesday, April 7, 2009

How to Save Money

By: Allison Franklin

When people do not have a lot of money, they feel that it is not possible to save any money. However, this is not the case. With a few steps people can save money even if they do not have a large income. The first thing that people have to do is prioritize their expenditures. People have a tendency to buy whatever they want whenever they want and not think about it. However, if people only buy the items that are really important to them they will be able to save the money they are no longer spending. Another thing people need to do when saving is to set aside an emergency fund. This money needs to be easily accessible, but should only be touched if it is a true emergency. If people have this set aside then they will not dip into their savings when a crisis arises. One of the most important things people have to do when saving is to force themselves to save. One way to do this is to designate a portion of your paycheck to automatically go into a savings account. If people do this they will not “miss” this money as they will never have access to it. If people follow these simple steps they will be on their way to building a bigger savings account.


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