Developing a Personal Best Savings Plan

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Click here For more details Saving plans from are designed to help you grow your savings, provide you with life insurance cover and help you save tax efficiently.


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Developing a Personal Best Savings Plan Although most of us know we should be saving money "for a rainy day" in reality many of us never quite get around to developing a personal savings plan. It can be difficult to make this a priority with so many other financial obligations but the longer we wait the less opportunity we have to accrue a sizable financial amount. One obstacle that many people have is thinking they have to start big. Because they are unable to put what they consider to be the "proper" amount into a savings account each week or month they end up not putting anything at all into savings. Its important to remember that even small amounts add up and that because of interest the sooner you save the money the more money you will make on it over time. Tracking your monthly spending can be a great first step towards creating a Best Saving Plans .Especially if you never seem to have enough money left over to save understanding how you spend your money can help you make better decisions. After tracking your expenses for one month you will be better prepared to create a budget for yourself that will include setting money aside for savings. Most experts agree that you should be ideally saving between ten and fifteen percent of your income. If this is difficult to do at least in the beginning start smaller. Then by working with your budget find ways of reducing your non-essential expenses so that you can increase the amount you are able to save. Having a goal for your savings can also be helpful. This can include short-term goals such as a vacation or long-term goals such as a new home or early retirement plans. You might also find that different savings strategies will work best for different goals such as a CD or money market account for short-term goals and mutual funds and stock investments for long-term goals.

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Once you have a savings plan in place monitor it on a regular basis to make sure you are on track for your goals and adjust if necessary. Source:

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