10 Commandments Of Long Term Investing (10 of 10) How a Small Savings Account Can Get Big Over Time

Simple, Everyday Things You Can Do to Save Money

1. Set Goals - It helps to set savings goals you can easily achieve. If you want to buy a $500 item within the next year, plan to save $50 a month for 10 months, which is just $12.50 a week.This doesn’t include the possible interest you could earn if you put the money into a savings account. 2. Have a strategy for saving money. Every time you receive money—from your allowance, a gift, a summer job or some other source—try to automatically put some of it into savings instead of spending it. 3. Cut back, not out. Are you spending $5 a week on snacks? If you save $2 by cutting back, after a year you'll have $104 to put in a savings or investment account that earns interest.
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