Feb 15 - 7 Habits of Highly Successful Savers

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 7 months ago '13        #1
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misterethoughts 202 heat pts202
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Feb 15 - 7 Habits of Highly Successful Savers
 

 
According to a 2016 study conducted by GOBankingRates, more than two-thirds of Americans have less than $1,000 saved, with 34 percent admitting to having absolutely no money in their savings account. Though today's consumers are more aware than ever about the importance of savvy spending, these statistics ask the question: What does it take to be a successful saver?

Luckily, becoming an effective saver can be achieved in a handful of ways. Piggybacking on the ingenuity of Stephen Covey, author of "7 Habits of Highly Effective People," here are seven habits of highly successful savers to keep in mind.

1. They pay themselves first. Paying bills on time is crucial to financial management, but what about paying yourself as part of that commitment? People who consider their future selves just as important as their monthly mortgage are more effective at building savings accounts.

To build up your savings on a consistent basis and get into a regular habit of doing so, start "paying yourself first" by setting aside a certain amount each pay period for your savings account. Treat this account just like you would a recurring bill and, if possible, make it automatic. This can mean asking your employer to deduct a certain amount of your paycheck into a savings account every pay period or setting up a recurring transfer of funds between your checking and savings accounts. You can also download a tool like Digit, which reviews your spending and finds unused funds to transfer into an FDIC-insured savings account.

2. They avoid lifestyle inflation. When you receive a raise, it's tempting to spend more money on things and experiences that make you happy. However, the "hedonic treadmill" theory suggests that even though an income boost can make us feel like we've earned an uptick in spending, our newfound windfall will eventually leave us as unsatisfied as we were prior to the raise because our needs don't disappear -- they just get grander. Savvy savers know to avoid lifestyle inflation during periods of income growth and invest in themselves instead. This can mean upping retirement contributions or diverting the difference into a savings account, emergency fund or toward some other financial goal.

3. They're frugal. Spending less than you earn is key to staying afloat financially, yet many of us rely on credit cards to fund our lifestyles. With more than $16,000 in credit card debt per household in America, it's clear many of us struggle to understand exactly what we can and cannot afford. Successful savers are very clear on that point and often live a frugal lifestyle despite having an income that can afford a few luxuries. Warren Buffett, for example, still resides in the home he purchased for just $31,500 nearly 60 years ago, despite being one of the wealthiest people on the planet. Take it from Buffett: Maintaining a frugal lifestyle while your income continues to grow will help you reach your financial goals sooner.

4. They save for retirement. Many experts suggest that you contribute 10 percent to 15 percent of your income to a retirement plan. While that may not be realistic for everyone, successful savers know to contribute at least what their company is willing to match. If your employer offers to match 3 percent of your income toward retirement savings, you should at least match that or risk leaving money on the table. Additionally, because contributions to your 401(k) are tax-free, it's a good idea to contribute something to reduce your overall taxable income.

If your employer does not offer a retirement benefit, or you're self-employed, consider opening a traditional IRA or Roth IRA. A traditional IRA is similar to a 401(k) in that contributions reduce your taxable income, while a Roth IRA provides tax-free withdrawals upon retirement. Research these options and chat with a financial planner about the plan that works best for you, your budget and your business.

5. They set savings goals. People who set goals for a purchase -- whether it's a car, television or family vacation -- are more apt to reduce unnecessary spending in pursuit of that goal. While other consumers use credit cards to purchase items they can't afford, effective savers rarely spend money they don't have.

The next time you decide to invest in a big purchase, review your budget to see where you can make cuts to allocate more funds toward that goal. You can also boost your income to reach your savings goals quicker by taking on side jobs, such as freelance writing, dog walking, web design services or another gig that takes advantage of your marketable skills.

[See: 10 Foolproof Ways to Reach Your Money Goals.]

6. They regularly review expenses. To avoid overspending on recurring bills, conscious consumers know to regularly review rates on everything from loan interest to insurance policies to service plans. Keeping an eye on these expenses and making a change when lower rates are available ensures that you keep more of your hard-earned money to use toward savings goals or to pay down debts.

What's more, it's important to evaluate whether services, policies and other expenses are actually needed, and not being paid simply out of habit. Since most bills are automated, it's easy to set-and-forget your expenses to the detriment of your budget and overall savings goals.

7. They save for emergencies. Emergencies are inherently unexpected and almost always emotionally and financially jarring. Emergency funds are a key component in the arsenal of a successful saver because they not only mitigate the financial burden of unexpected expenses, they also help reduce the stress which often accompanies them. Unlike the amount you set aside for a specific purchase, an emergency fund is to be used exclusively for events like family crises, medical issues and natural disasters. People with emergency savings avoid crippling debt and are on the road to recovery much more quickly than those who are unprepared.

visit this link http://finance.yahoo.com/ .. 154429961.html
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124 comments for "Feb 15 - 7 Habits of Highly Successful Savers"

 7 months ago '04        #2
Joe Scumbag 1 heat pts
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misterethoughts and 2 others gave props
 
 7 months ago '07        #3
Damagegadget 491 heat pts491
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fake news



















































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 7 months ago '14        #4
titans7 
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hard to save if you pay all your bills and there is nothing left out of your check and you are still in debt.
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vinceisallin slapped this ish
 
 7 months ago '06        #5
mrep3 39 heat pts39
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Nothing to see here folks
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 7 months ago '10        #6
DeathStar 1 heat pts
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 mrep3 said:
Nothing to see here folks
that avi
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 7 months ago '12        #7
Phuck Yiu 34 heat pts34
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Two words. Instant gratifcation.


It baffles me how people move into sh*tty $1500 a month apartments without having they're debts in order 1st. I don't want think like this but i really think most people are faking it. Everybody in debt but everybody got beemers,benz, challengers,etc. Why do so many sh*tty aparments have nice a.ss cars in the lot?
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 7 months ago '06        #8
mrep3 39 heat pts39
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 Phuck Yiu said:
Two words. Instant gratifcation.


It baffles me how people move into sh*tty $1500 a month apartments without having they're debts in order 1st. I don't want think like this but i really think most people are faking it. Everybody in debt but everybody got beemers,benz, challengers,etc. Why do so many sh*tty aparments have nice a.ss cars in the lot?
NYC is full of people that are faking it to the fullest. Especially in manhattan if you go uptown and drive past the projects all you see are nice cars parked on the street.
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GREW BACK slapped this ish
 
 7 months ago '13        #9
misterethoughts 202 heat pts202 OP
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 titans7 said:
hard to save if you pay all your bills and there is nothing left out of your check and you are still in debt.
I feel you. Try to take out $10 from each check and put it in a shoe box (that's what I have been doing and saved around $600 that way in the last 3-6 months.
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 7 months ago '05        #10
chi town hustla 189 heat pts189
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 titans7 said:
hard to save if you pay all your bills and there is nothing left out of your check and you are still in debt.
That means u need to get rid of some those luxury expenses.
GREW BACK and 6 others gave props
 
 7 months ago '17        #11
JwardisBack 
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Funny was working with a dude once that was having a serious conversation about him being broke.....next Monday comes along he like n*gga I wild the fu*k out spent my whole check on strippers and cocain....was like DOG you can't complain bout being broke while doing sh*t like that lol
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 7 months ago '04        #12
chubs189 17 heat pts17
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 mrep3 said:
NYC is full of people that are faking it to the fullest. Especially in manhattan if you go uptown and drive past the projects all you see are nice cars parked on the street.
Can vouch this is 100% true. I grew up uptown manhattan and always wondered why these folks got a car and only use it on the weekends since they take the train to work. So many fake ballers in NY. Same people getting government a.ssistance trying to act baller. That's why a lot of people stay stuck and don't break that cycle. Spending money on pointless sh*t instead of saving and investing to get up out of there.
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 7 months ago '05        #13
Micheal C. Will 14 heat pts14
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Saving is cool to a point, but you to have live a little.

If you out here stressing and saving, you lost because you could die tomorrow and you can't take that savings account with you.
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Coreynathaniel slapped this ish
 
 7 months ago '08        #14
GoldBluded 528 heat pts528
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Get the Mint App . Its helps a million .



I changed my ways when i seen an alert that i spent 1,068 dollars eating out in 30 days
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 7 months ago '05        #15
Micheal C. Will 14 heat pts14
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 J-Schmoove said:
You can't take it with you but can leave it for your spouse/kids(if you have them)
Yea, ok.

What's the point of saving money you work hard for and YOU don't spend any of it, saving it for folks when you in the dirt.

You saying the obvious, but I'm talking about folks still upright who saving and not living.
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GREW BACK and 8 others slapped this ish
 
 7 months ago '10        #16
Sk8bamboo 47 heat pts47
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 GoldBluded said:
Get the Mint App . Its helps a million .



I changed my ways when i seen an alert that i spent 1,068 dollars eating out in 30 days
So true . I've gotta cut down on what I call "fu*k it " purchases .
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 7 months ago '06        #17
vinceisallin 11 heat pts11
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 Killamike79 said:
Saving is cool to a point, but you to have live a little.

If you out here stressing and saving, you lost because you could die tomorrow and you can't take that savings account with you.
Being secure is less stress, and you have more options also
pete jr and 2 others gave props
 
 7 months ago '07        #18
pete jr 5 heat pts
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 Phuck Yiu said:
Two words. Instant gratifcation.


It baffles me how people move into sh*tty $1500 a month apartments without having they're debts in order 1st. I don't want think like this but i really think most people are faking it. Everybody in debt but everybody got beemers,benz, challengers,etc. Why do so many sh*tty aparments have nice a.ss cars in the lot?
Bro I got homies who I make $30,000 more than a year that drive luxury cars and blow money on jewelry and sh*t like it's nothing. Don't contribute to 401k and constantly talkin bout how life designed to keep you in debt.

I've got no debt. Use my credit cards for everything to get rewards points and pay em off at the end of the month. Saved and bought a house with the a $500 mortgage. It's not rocket science.
rashadd and 15 others gave props
 
Coreynathaniel slapped this ish
 
 7 months ago '07        #19
pete jr 5 heat pts
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 Killamike79 said:
Yea, ok.

What's the point of saving money you work hard for and YOU don't spend any of it, saving it for folks when you in the dirt.

You saying the obvious, but I'm talking about folks still upright who saving and not living.
Save money and invest it in real estate or stocks. That's what I do and it creates income streams for me that are tangible plus leaves a.ssets behind.
ChefLong16 and 3 others gave props
 
 7 months ago '06        #20
vinceisallin 11 heat pts11
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 Killamike79 said:
Yea, ok.

What's the point of saving money you work hard for and YOU don't spend any of it, saving it for folks when you in the dirt.

You saying the obvious, but I'm talking about folks still upright who saving and not living.
People save for many reasons. What's the point of saving money you worked hard for? Because that is time I value and will never get back, so why would I waste the money? People these days don't know how to survive without a.ssistant or credit cards

There is nothing wrong with saving
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