Your Savings Plan

September 10, 2014 2:14 PM
Your Savings Plan
" BOSTON (CBS) – Many people equate saving with some sort of deprivation. If they give up eating out and having fun they can save money. If you deprive yourself of all of the fun stuff in life you will never stick to a savings plan.

Let’s start with looking at the ways you spend your money. This will mean you will need to set up a budget. Where does your money go each month? Write down your income. Then spend some time finding all of your expenses. It always amazes me if I go to the ATM and take out $100 and at the end of the day I have $8 left. Where did it go?

What happens to the discretionary money in your budget? This is money left over after you have paid your necessities like the mortgage, rent, electric and health insurance.

Look at your credit card bill. What are you spending your money on? Meals out? Entertainment? Clothes? Gifts?

A big budget buster folks were telling me is eating out or doing take out. Especially dual-income families when both mom and dad walk thru the door at night and they have to feed the kids "

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