This is a guest post by Cristina Himmer.
Money matters! People might say that money is not that important. But the fact is that money is very crucial to surviving in today’s world. You need money for growing food, buying food, meeting your family needs and also for having fun. The whole point of telling you this is that money has become a necessity like food, water and air to mankind. Hence, it is essential to save money at the time of earning and spending. Money saving is a life-saving habit which helps you to build a brighter future for you and your family. It assures you secured financial support for the days when things don’t work as per your plan.
Therefore, wise people always advise you to save half of what you earn for the future. Your grandparents might have advised you on several things including money, savings, habits, and healthy lifestyles. But, they wouldn’t have told you about these astonishing facts related to money savings. Let’s take a look at the facts that will change your perspective about money savings.
1. Saving Money is a Habit That Doesn’t Go Easily
Have you ever wondered why billionaires or millionaires are so misers? Well, some habit never goes. Money saving is one such habit which is too stubborn to go. Once you are used to spending less, you can’t take expenses happily especially in your day-to-day life. People who have a habit of saving money don’t prefer to spend money irrespective of what their social or financial status is at present. For instance, Bill Gates and Warren Buffet are rich enough to buy anything but, they prefer living a simple life. Such people are highly addicted to money saving. Any habits that are good for you are worth keeping.
2. Employer’s Share is the Free Money
Who doesn’t like free money? The employer’s match to a contributory workplace retirement plan such as a 401(k) is the free money that you will ever get from your employer. So, if you happen to work for an employer make sure you are taking advantage of the employer’s match. This free money can add up to thousands of dollars to your yearly savings. Hence, play smart by opting to retirement plans and grab your share from your employer to take a step towards secure after retirement life.
3. Locking Up your Money Earns Higher Interests
Yes, it is true. Blocking your money in accounts like money market accounts or certificates of deposit is a great idea to earn much better interest than normal accounts. Moreover, you will not be allowed to break your saving before its maturity date which raises the chance of more saved money. Isn’t that great? You can save and earn together.
4. Saving is Considered As An Expense
Wealthy people don’t count their saving until they are done. Saving is also a type of reoccurring cost. Many people think of saving as an expense and, it works for them. Once you have saved an amount, try not to think of it until you reach your desired goals. Only a few experienced men know this fact hence you are lucky to know such hidden truths about saving money.
Moreover, start shopping with a frugal mind. Use coupons on every purchase become a regular visitor of Couponobox to find all the active coupons on major retailers in the US.
5. Have You Heard of $15 Billion Loose Change?
American’s are rich people as even their change is higher than the income of many people in the world. This isn’t a joke, U.S. Treasury has said that Americans hold about $15 billion in loose change. These numbers are based on research hence numbers don’t lie.
6. Two Enemies to Your Saving: Medical And Motor Bills
Savings take a lot of efforts and cost-cutting to reach to a certain amount. However, as per a study, an average man’s savings is lost by two third every year because of Medical or motor expense. Bills and savings don’t go along. Make sure you keep a separate budget for unexpected expenditures or else they can attack your savings.
7. New is Best
Research says that people refrain from spending new and crisp money. Hence you are less likely to lose your cash. A study says that people don’t like to spend their new, fresh and crisp money easily which means you are controlling your urge to spend and saving your money. Also, high denominations are also a nice boost to your savings. Most people don’t prefer to spend using higher denominations.
So, did you know all these facts about money saving? You might have heard a few of these facts before but not all of them. The more you are aware of about the money, the more you will be able to save. Increase your general and facts knowledge by visiting here again.