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How to Save For the Future

How to Save For the Future PhotoSaving, budgeting, beating overspending – these are only three of the most difficult things to do with regards to cash and finances. No matter how many tips and tricks you try, if you’re not really prepared and if you don’t know the main reason why you’re doing it, then most probably you’ll find yourself in the depths of confusion. Alongside your knowledge about the main reason of saving would be the set of tips to follow. Here is some of it.

Entertainment savings

Almost everything can be found through the internet – music, movies, news, and latest showbiz gossip – literally everything. So why would you still buy magazines and cinema tickets just to get a dose of those entertainment stuffs when you can obtain it for free over the internet? No, I’m neither promoting piracy nor those download. I’m just trying to be practical.

Google anything you want to know about the latest buzz and you will surely find the most reliable entertainment site. Same goes for the movies, there are tons of websites allowing you to watch these films for free.

Automotive costs

Cars are known to have a speedy decrease in value. In two years time they can dramatically decrease up to 40 percent. That means if you will buy a 2 year old car you’re most likely saving up to 40% of cash instead for buying a newly released model. Now that’s what you call saving for the future.

However, if you’re planning to buy another car (perhaps the one you saw one on TV), you can sell the previous car to purchase another one, instead of making your garage look like a second-hand auto showroom.

Invest, invest and invest more

For the laymen, the word “invest” may appear in the middle of intertwined vines of confusing words (even that explanation was confusing). This is the main reason why people don’t consider investing. Nevertheless, there are tons of resources where you can learn more about it. Investing is one of the perfect answers if you want to save for the future. It’s like putting food in the fridge and saving it for dinner. But with investment, you will not get the same amount of food you set aside; it will multiply and will technically let you gain more.

Health expenses? Go with the generic

Health experts claim that generic drugs are required to work relatively the same for those that are branded. Now, perhaps you know what kind of drug to buy the next time someone gets sick. Ask if it has a generic version which is far more affordable than the branded one.

Make a time table

If you seriously want to save for the future, it’s wise to make a time-table of your savings. Let’s say you’re earning $10,000 each month. If you’re planning to retire 30 years from now and will save $1,000 annually, you’ll be able to save $30,000 by the time you’ll retire. Furthermore, if you made small investments in the past then you’ll expect a bigger amount than $30,000. With this time table hanging in your room, you’ll never lose track on saving up.