In order to reach debt payoff goals, many of us have to completely redo the way we think about our budgets and spending. This takes a lot of hard work, discipline, and self-evaluation. Needless to say, it’s a process that can’t be done overnight.
So what happens when you reach your goals of becoming debt free? The relief of eliminating this burden on your life might make you think that it’s okay to also let go of your “debt payoff mode” financial philosophy. The fact is, this couldn’t be further from the truth. Now more than ever, you can benefit greatly by maintaining your debt payoff philosophy. If you roll over the money you were paying on debt into your savings account, you’ll be headed from financial freedom towards financial prosperity in no time!
If this is the first time you’ve ever really thought about putting money in a savings account, don’t worry. You can use the skills you developed in order to pay your debt off to achieve savings milestones as well. Similar to debt payoff strategies, there are many different things you can try and they’re not one size fits all. That’s why we’ve rounded up some of the best savings tips from around the web to share with you here. So take a look and find out which ones make the most sense in your life.
Introduction to Savings
If you’ve ever wondered how you should save, what you should save for, or what the point is of saving money in an account that gains little interest, then you’ve come to the right place. While the amount of savings differs for everyone, it is very important to have some money set aside for emergencies. Take a look at these articles to learn about how to choose a savings account and start building an emergency fund.
Types of Savings Accounts and How to Choose the Best One (Careful Cents)
Building an Emergency Fund (PT Money)
If saving money were easy to do, we’d all be buffing up our savings accounts every month. But between rising costs of living and salaries that don’t always catch up, it can be hard to even make ends meet from month to month, much less put money aside. Luckily, there are plenty of personal finance gurus who can find a way to save in even the tightest of budgets. Here are a few:
9 Ways to Make Saving Automatic (Brip Blap)
Methods to Budget and Save Money #1: The Envelope System (Broke Professionals)
Teaching the Next Generation to Save
What’s the best way to make sure that the financial problems of our day don’t extend on into the future? Teach the next generation to save! Yes, most kids may prefer playing with their friends over talking about money with you – but if you make it fun for them then you can start incorporating lessons early on. Not convinced? Read some of these articles for help in getting started!
How to Talk to Kids About Money (GoGirl Finance)
Good Money Habits for Children – It’s Never Too Early to Start (Cash Money Life)
I hope this was a helpful introduction into savings techniques and why it’s important to focus on building a savings. Now, I’d like to hear from you! Tell us in the comments below about strategies you’ve tried or roadblocks you’ve come up against when trying to build a savings. Together, we can develop even more strategies to help everyone make their way to financial prosperity!