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The Perfect Savings Option to Building a Secure Future

By Cody Subscribe to RSS | January 24th 2012 | Views:

Saving money is one of the most essential steps to building a secure, stress-free future. The more you save, the better and safer your future will be. Saving money is as important as earning; all it requires is the perfect planning strategy and the right method of execution. These days, with the prices of all the essential things, ranging from clothes to household items to tickets skyrocketing like never before, it's important to have a proper plan in place and be prepared for the next. As a matter of fact, saving is not as difficult as it may seem. Even if you are on a tight monthly budget, you can still save money by cutting down your expenses on the not-so-important things. For this, you have to put up a monthly budget; though the monthly expense is subjected to minor fluctuations every month, you can still put aside a descent sum of money on your savings account- all it requires is effective planning skills.

Going for alternatives

You may be surprised if I say that we get an opportunity to save money almost every single day. Yes, I'll give you a few examples to support my statement. If you are already on a tight budget, then you can avoid activities like going to a hotel or a movie in the weekend. Instead of going to a hotel, you can prepare and cherish a good dish at home. Homemade food is healthy too! This might even save a considerable amount on your medical bill. And, instead of going to the movie theatre, try to download and watch movies with your Internet connection; even if you are an ardent fan of sports, you can watch live sporting actions from your home instead of going to the stadium and spending hefty sum of money on your tickets. You can enjoy them by availing the services of any of the popular money-saving bundles such as the FiOS Bundles. Savings can be classified into two types. They are:

• Liquid savings

•Asset savings

Savings may not only mean depositing money in the bank or treasuring it in your closet (liquid savings); it can also be an asset which means you buy a valuable asset for a substantial amount that will give you huge returns in the future. Investing in various options like shares, land, gold etc. would be an ideal savings option.

Selling old items

You can also make substantial money by selling all the unnecessary old items in the house. This may include old newspapers, plastic containers, wooden chairs or any other old item for that matter. Whatever money you get out of it can be a good source of savings for your future.

Avoid having debts

Debts can be a killer to your savings options. A majority of the people who have debts end up having no savings at all! However, if the situation for going for debts is unavoidable, then try to clear the debt as early as possible, so that you don't have to pay heavy interests.

Savings goals and time frame

Categorize your savings plans into short term and long term goals. A short term may include buying the not-so-expensive things like chair, kitchen items, and bicycle for your kids etc. whereas a long term goal may involve devising a plan to buy a house or land in the next six to seven years. Keep the time frame in mind and design a savings plan accordingly. And, always keep track of your weekly and monthly expenses. It's good to have all your day-to-day expenses written down in a diary. This will give you a clear idea of how you can better your plans in order to achieve your goals faster. Plus, you also get an opportunity to identify the unwanted expenses. For example, you may have an ice cream or pizza once in a while but when your monthly expenditure shows that you had spent $80 to $100 on ice creams and pizzas in a month, then you will not feel like doing it the next time.

Furthermore, there is one important thing that everyone has to bear in mind. Don't get upset if your plans are not working out properly. Sometimes it works out well and sometimes it may take some time to execute them. But, a clear planning coupled with the right method of execution will pay off more often than not.

Cody - About Author:
Cody is a freelance writer who likes to develop contents on all kinds of topics ranging from home makeover to entertainmanet to technology. He enjoys the luxury of his Verizon FiOS Deals and offers with which he spends a substantial amount of money on his Internet and phone bills.

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