Finance Globe

U.S. financial and economic topics from several finance writers.
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How to Maximize your Savings Potential in 2015

With 2015 right around the bend, there is no better time than now to think about the steps you can take to maximize your savings potential. By implementing a few simple strategies, it won’t be long before you are saving more money than you ever imagined possible.

Here are three ideas to consider:

1. Automate your savings. You can’t spend money you never see. For this reason, you should have a portion of your paycheck deposited directly into a savings account. Automation can go a long way in helping you reach your savings goals.

2. Search for big lump sums. Did you receive a bonus at work? Are you due a large tax refund? If you have a lump sum of cash coming your way in the near future, consider saving it as opposed to spending. If that is too much to ask, save at least a portion of the money.

3. Set goals. It is much easier to save money when you have an end goal in mind. For example, you may wash to stock away an additional $6,000 in your emergency account by the end of the year. To hit this goal, you will need to save an average of $500 per month. With short and long term goals guiding you, it is easier to stay on track and remain excited about your strategy.

By taking these three steps, you will find it easier to maximize your savings potential in 2015. When the year finally comes to an end, you want to look back and realize you did everything you could to reach your goals.
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Sunday, 19 May 2024

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