Savings
fundamentals are the basic principles and practices that form the foundation
for successful saving. You should have specific goals in mind for what you want
to save for, whether it’s a down payment on a house, an emergency fund, or
Retirement.

You should
track your income and expenses to determine how much Money you can realistically
set aside each month for savings.

You should
make saving a priority by setting up automatic transfers to your savings
account and putting any extra money you receive, such as bonuses or tax
refunds, directly into savings.

You should
set aside at least three to six months’ worth of living expenses in a separate
account to cover unexpected expenses.

You should
work to pay down high-interest debt, such as credit card balances, as quickly
as possible to free up more money for savings.

You should
consider Investing your savings in assets that have the potential for growth,
such as stocks or mutual funds, to help your money grow over time.

By following
these fundamentals, you can develop good saving habits that will help you
achieve your financial goals and build a secure financial future.

Originally Published on https://boomersnotsenior.blogspot.com/

Royce Shook Blogger

I served as a teacher, a teacher on Call, a Department Head, a District Curriculum, Specialist, a Program Coordinator, and a Provincial Curriculum Coordinator over a forty year career. In addition, I was the Department Head for Curriculum and Instruction, as well as a professor both online and in person at the University of Phoenix (Canada) from 2000-2010.

I also worked with Special Needs students. I gave workshops on curriculum development and staff training before I fully retired