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5 Essential Tips for Money Saving

Probably the worst possible thing to do on the ”America Saves Week” is to run out of the house and buy a gift for someone as that action would simply defeat the main objective of the holiday. America Saves Week 2010 which is run between February 21st and 28th is a campaign held nationwide which involves over 1000 corporate, government and non-profit groups which encourage families and individuals to save money and build up personal wealth. This week is definitely the best time to get your financial structure in order and start up with your new-year resolutions if they contain any “Spend less, Save more” mottos.

Now let us consider some important tips:

• A fiscal-fast trip- It is better if you swear that you would cut off expenses for a few days or a whole week (which is the best way to go) and save that did-not-occur expenditure to your treasury and use it later when the need arises such as paying off pending debts. This fiscal fast not only helps saving your money but also lectures you how to minimize wastage and how easy it is to save and spend it on things which are worth it.

• Develop the practice of spending procrastination- When you spend with discretion, it is always helpful for foregoing the temptation regarding the purchase of certain things today and buying the same tomorrow. Many surveys prove the above statement in a strong way. Just control the temptation and stop yourself from purchasing a particular item you see in the store today and make the purchase after a week or so. There is a heavy chance that you might think again and not buy the product at all.

• Autopilot your finances- Have all your incomes and paychecks march right into your bank deposits which include automatic allocations into investment accounts and designated savings. Then ask your creditors like the insurance company or a credit card company to withdraw all payments automatically from your account every month. By doing this you will never be late for a payment and never have a missed fee any time.

• Make only cash payments- Many studies prove that you are most likely to purchase something and are ready to pay more for that product if you purchase it with a credit card. The probability of this happening decreases if you make cash payment.

• Learn from the mistakes: At the end of every year, ask yourself about the discretionary purchases you have made in that year and you will find out if you made any unnecessary expenditure. So learn from those mistakes and see to it that they never happen again.
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