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Tuesday, 20 March 2018

5 habits you can learn from successful savers

If you your saving habit is poor, you can improve it with these five tips of successful savers' saving habits.


You need to understand how to what it takes to save like a savvy saver to improve your finances. (Moneywise)

Everyone likes the idea of saving money to accomplish their dreams, but many people don't save like successful savers do.

Saving like savvy savers is not a rocket science, it only requires you to understand what it takes to be a successful saver and then you can tap from their saving habits.

So, if you are wondering how some people keep themselves financially afloat through savings, you've got to learn about these five habits of successful savers.
They pay themselves first


Paying the monthly bills is important but what if you also start paying yourself like successful savers do?

The truth is, good savers, believe their future is as important as their monthly bills, and in a bid to build up savings for themselves, they pay themselves first by setting aside a certain amount of money for savings in their savings account.
2. They avoid lifestyle inflation
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Possible signs you don't earn enough cash (Hellonaija)

Whenever you get a pay rise, you'll notice that you get tempted to spend money on things and experience that make you happy and when you do so, you get nothing to save because your pay increase somehow increases your needs too.

However, successful savers understand how to avoid the lifestyle inflation that comes with a pay increase. Instead of spending their money on new things and experience, savvy savers save and invest. You can do it too.

3. They are frugal
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Whoever wants to save money must first learn how to spend less than he/she earns. Being frugal is one of the qualities of successful savers and it is one of the secrets of their financial success.
4. They regularly review their expenses

How to manage your money effectively (Droidwhoop)

In a bid to avoid overspending on recurring bills, good money savers understand how to review their expenses by keeping eyes on their expenses. This allows them to keep their hard earned money to use towards saving goals.
5. They save for emergencies
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There are some things we don't bargain for in life that just happen, this is why it is very necessary to have an emergency fund. It is meant to serve as a soft landing when there is a financial shortfall during unexpected situations.

This is well understood by successful savers and that is why an emergency fund is a key component in their saving plans.



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