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Finance Tip of the Day

10% Savings

  • 2016 30 May
  • COMMENTS
10% Savings

mvelopes

10 10 80 Financial Lifestyle: 10% Savings

Instead of saving leftovers, make it a priority and an automatic must before you start spending your paycheck. Saving 10% of your gross income every month will allow you to build solid financial footing. Here are practical ways to make this happen:

- Open a savings account and ask your bank to put withdrawal limitations on that account.

- Ask your employer / HR department to split your paycheck and designate 10% off the top to go into that specific savings account.

- If your employer offers a matching 401k, then use a portion of your 10% to go into that retirement fund and a portion to go to your savings account.

- Create a list of short and long-term financial goals. Assign a specific amount and a specific due date to each of those goals. Focus on building your $1000 emergency fund first, then on having 1 full month of living expenses set aside, and then, ideally, on having a 3-6 month living expenses fund.

Today's tip brought to you by Mvelopes and Money4Life Coaching.


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