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Saving is the Best Way
to Love Your Money
Americans spend more than we earn. Consider that the national personal savings rate has dipped to the lowest point since the Great Depression.1
Today's high energy, home and food prices may make saving seem even more impossible. But the time is now. Especially as you plan for a retirement
where cost of living expenses will increase even more.
Saving is crucial for your well being and for weathering the good and bad financial milestones in life — losing a job, getting ready for retirement,
leaving a healthy financial legacy and inheritance for loved ones, and affording medical care.
The best way to love your money is to save it. Whether you're already retired or won't be for 5, 10, 15 or even 20 years out, saving should always
be part of your financial plan. And starting now can add up to make a big difference tomorrow.
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#1 Pay Yourself First
You're probably inclined to pay everyone else first.
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#2 Save Tax Free
Join your employer's 401(k) or other retirement plan immediately and max out the amount you can contribute.
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#3 Know the Truth (in Savings)
Make sure you know the details about your bank's savings account plans.
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#4 Consider the Future of $80
See what happens when you pay more than your credit card balance.
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#5 Delay Before You Pay
This doesn't mean pay bills late.
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#6 Sock it Away Somewhere
Once you decide to start saving, you need to determine where you're going to put the money.
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#7 Start Now
Even if you can only put aside a small amount at first, the sooner you start, the faster your savings will accumulate.
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1 American Savings Lowest Since Depression. Money News. February 2006.