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How to Bulk Up Your Savings Account

There seems to be every excuse under the sun for not saving money. While some may be valid, many are just a way of putting off a task that is not easy. Be sure to not fall into the trap of using these top three excuses.

1. Money is tight right now.

The truth of the matter is that money will probably always be tight. This is a matter of perspective, as it is a myth that only people who make a lot of money can save. In fact, many high income earners will say they don't make enough to save. While saving certainly can get easier the more you earn, you can still put aside something from everything you earn. Successful savers are those who choose to put money aside, not just those who make a lot of money.

2. I have to pay off my debts first.

While it is a great goal to eliminate all your debt, it is important to have an emergency fund first. If you don't have this, the next time you have a real spending emergency, you will have to resort to a loan or credit cards, increasing your debt. This can wipe out any gains you've made in paying down your debt. You should have at least $1000 in the bank as a small emergency fund. Make a goal of adding to it gradually, even at the expense of slowing down your repayment of other debt. This is especially true if your debt (all or part of it) is low-interest or tax-deductible.

3. Every time I save, something happens and I have to wipe out my savings.

This is a common attitude for people who have trouble budgeting. It is not enough to budget for regular expenses that come every month. You also need to budget for the big, inevitable costs that come less regularly. This includes insurance payments, taxes, holiday spending, and vacations. You should also put aside some money for expenditures that can be surprises--appliance and vehicle break-downs, medical emergencies, and other unpredictable events. While you don't know when they are coming, you know they can show up at any minute. If you get lucky, and have no major expenses show up, put that extra money into your long-term savings or continue to keep it for a rainy day.

Mount Carmel Gardens Apartments in Jacksonville, Florida goes above and beyond to improve your daily lifestyle with our spacious floor plans, unparalleled amenities, and incomparable customer service. We hope these tips will inform, educate, and ultimately, provide you with a better way-of-life.

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