Saving money can seem like an impossible and daunting task however, it is mandatory to build a healthy household corporation. It is recommended that every household save anywhere from 10-30% of Cost of Living (COL) Income. Read previous post Setting Financial Goals, for more information on COL Income. Saving allows the head of the household corporation to make critical decisions regarding the family with less stress and headache. For example, if the clothes dryer malfunctions and catches on fire and the replacement cost as well as cleanup comes to $2,500. The household corporation with $100 in their emergency fund will have a different response than a household corporation with $10,000 in their emergency fund. Only God knows the future and all you can do is prepare in excellence.
How do we prepare in excellence? Make the decision to save without emotion; set it and forget it. There are many ways to save money and all you have to do is get started:
- Reduce expense by any LEGAL means necessary
- Eat out less and cook at home more
- Make and USE a grocery list BEFORE leaving the house
- Reevaluate auto insurance, cell phone, and other monthly subscription plans
- Carpool to work and other activities when possible
- Empty your pockets/purses of all coins and bills into a jar every day when you come home
- $1 per day – Take one dollar and put it in a jar every day when you come home
- Bank Savings – Open a savings account and direct deposit a specific amount each payday
- Keep the change – There are online apps that let you round up to the nearest $1 for purchases
- Money Market Acct – Savings account the bank uses to invest in the stock market
- Retirement Acct – IRA, 401K, Individual accts brokers use to invest in the stock market
- Life Insurance – Hedging policy that provides death and/or living benefits
- Wealth Management Acct – High end portfolio management for generational wealth strategies
These are just a few ways you start your journey of saving money and meeting your financial goals. If you need assistance in determining the best saving product or method for you, please contact Dr. GNP.
DR. GNP
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jennoa.graham@gmail.com | www.drgnp.com
