No matter how small, you need to establish a saving habit. Setting aside a portion of your income each month, preferably automatically, allows you to save for your goals.
Always follow this rule of thumb:
Pay yourself first! Income less SAVINGS equals EXPENSES
Monitor your cash inflows and outflows. Download the Cash Flow Statement worksheet here.
Concept of Saving
Putting your money in a short-term financial instrument is a means of SAFEKEEPING.
- For short term/minor purchases
- For your day-to-day needs
- The return from savings rarely outpaces inflation
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