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Learn How to Save More

save money

Everybody wants to save more, but not everybody knows how. Saving money is a goal you have to set and plan to achieve, otherwise, it will never happen.

It can be really difficult to learn how to save money. There are so many advertising ploys and gimmicks out there bent on convincing us we need to buy more and more things. Not only that, but there are so many important payments and purchases you need to make each month like rent, utilities, groceries, and gas.

With so many things needing our money, it can be a real struggle to hold on to our funds. Learning to save has its own learning curve and that’s ok! Just follow these simple tips and you’ll quickly learn how to save more.

Start with a Dollar

dollar

One of the main reasons people don’t save their money is because they feel they can’t afford to save money. If you are unemployed or deep in a financial crisis, it may seem like you literally don’t have money to save. Every cent you receive you need to use to pay off a debt or even pay your rent. But even if this is your situation, it is still important to build some savings.

Even if you only set aside $1.00 per paycheck, that is still helping you build savings fund. In time, that money will build and create a small savings account for you. With an accumulating savings account on your side, you’ll feel more financially at ease and you’ll be more prepared for the future even if it is only a dollar at a time.

Spend Some of Your Savings on Yourself

savings account

All goals need a source of motivation to be effective. One of the best motivations you can use in building a savings fund is to give yourself a little money for fun. All work and no play makes Jack a dull boy, right? Just remember the rule of moderation. If you spend all of your money on fun things, then you won’t have a savings account for important things.

But if you spend all of your savings on necessities, then you won’t have money for fun. How you spend your savings money is all about balance. Our life needs security and enrichment. By learning to save more, you’ll have funds for both.

Build Self-Discipline

self-control

You must have enough self-discipline to not dip your hand into your savings account and cheat. It may seem easy. There may not be anyone watching you to make sure you don’t do it. But you have to watch yourself and make sure you don’t stray from your savings plans. Just stick to the amount of money you’ve allotted to yourself. You’ll feel so much better about yourself and your financial situation if you do.

Don’t make a budget for anyone but yourself. You need to prove to yourself, and no one else, that you can do this. Self-control is like a mental muscle. You have to exercise it in order to build its strength and make budgeting easier.

Pay the Bills First

bills

Another great way to save money is to pay bills as soon as they arrive or at the beginning of the month with your first paycheck. This will help you to prioritize your remaining money because you will only see what is left after your most important payments are done. Budgeting is all about learning your financial priorities. When you are saving your money, you have to realize what is most important to you and what the responsible monetary choices are.

Try listing all your monthly payments in order of importance. Include a payment into your saving account somewhere on this list as well. Then, when you get each paycheck, go through each payment on your priority list before you go about spending money on anything else. By doing this you will make savings more of a priority, and you’ll train yourself to make responsible money choices first before spending money on less important things.


Evaluating Your Financial Planner

If you’re currently behind on your finances, you may have sought help from a financial planner. You probably thought that you couldn’t handle your financial troubles on your own, and you needed the help of a trained professional to give you the financial advice you need to help you get things sorted out.

There’s No Shame in Getting Help

There is nothing wrong with seeking the help of a financial planner when you are trying to get back on your feet financially. Recognizing that you need help is the first step in making a chance with your problems.

You may have even sought out a financial planner because you believe they can help you see a boost in your investments. Financial planners are hired for a variety of reasons.

Many financial planners specifically specialize in helping people chart a course towards retirement. They claim to be able to help people find the best possible solutions to their financial concerns.

Make Sure You Can Trust Them

However, it is important to keep in mind that financial planners are trying to make a living as well. We as consumers need to be careful and be certain that we can trust our financial planner before we continue paying them for their services.

There are certain red flags you should be aware of when it comes to financial planners. If you notice or see any of these red flags, you should seriously consider switching financial planners.
Here are a few of these red flags so you can be informed and prepared to know if you can trust your financial planner. If your financial planner has a complicated history in regards to his or her career, then you should be wary.

Do They Switch Jobs A Lot?

If they have switched jobs often, it may indicate that they are not good at working with higher management and they may not be the best people to work with. If you notice a lot of turnover among a certain firm’s advisers, than you may want to consider going with a different firm.

Are They Interested in Your Personal Needs?

Another red flag to look out for is if your financial planner does not seem very interested in looking at the specific details of your situation. If they think they have a solution very quickly and without really knowing what’s going on with your finances, you may want to get a different planner.

These types of planners are usually just trying to make money rather than really trying to help you with your finances. They want to make you believe they know what they’re doing, so you don’t have to worry about how they’re doing it.

However, you and your planner are supposed to be working together on your finances, so it is very much your business what your planner is doing with your finances. If you notice that your planner has been operating with a one-size-fits-all attitude, you may want to seek help elsewhere.

Another Gimmick?

Another possible red flag is if you notice that your planner has been introducing a gimmicky product to you each time you meet with him or her. If they do not seem genuinely interested in helping you get back on your feet financially, you should be wary.

If your financial planner fails to specifically define a target return amount with you within your first couple of meetings, this is not good. A financial planner should always set up a specific target return with you so you are aware of what’s going on.

They should also talk about a standard deviation of this return with you as well. If they fail to do either of these things, than you should definitely notice.

There Should Be Constant Contact

Your financial planner should also be constantly updating you about what is happening with your finances. If they fail to contact you for an extended period of time, you should consider getting a different advisor.

The state of your finances is rapidly changing, and so you should be meeting with your advisor often to discuss how you need to shift your strategies and what changes you should be making. If you feel that your planner is not positioning you to get good returns in good markets, then you should probably get a different financial planner.

You should also pay attention to how you are interacting with your financial planner. If the relationship is polite and cordial and they seem very eager to help you, then this is good.
But if they are rushed and don’t seem to have the time to meet with you, then this is not good. You deserve a planner who has your best interests in mind and will work with you to make your dreams a reality.

That’s what you’re paying them to do, after all.

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