Why increase your savings? I know the current economic climate isn’t the greatest but having a savings pot can and will give you the freedom from the credit cycle.
You are securing your own financial future and moving towards your financial goals by taking this one step.
Only with increasing your personal wealth will you start living, instead of using different forms of credit, move forward with your life with no credit and more personal freedom.
Living debt free is something that I think is important, you can live without incurring debt, you might have to go without some things, but not paying vast sums of interest to credit companies has many benefits.
You start to take control of the important things in life and this helps to increase your savings too!
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Why Increase Your Savings Account
The money that you have in your savings account is important, it can help break the cycle of needing credit and you can start to live without the constant worry of if something happens, how you will pay for it?
I know that the current climate isn’t great for savers, but that shouldn’t put you off creating some provisions for the future.
- Breaks the cycle for needing credit
- Gives you back control
- Helps you save for the future
At the end of the day if you have no money and you have run out of credit options, how do you get hold of money for the basics that you need? Having a savings account is that safety net, it will help you move away from borrowing money to pay for different things that you need.
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Freedom From Credit
It can allow you to move away from using one form of credit to pay off more credit, it’s about giving you more freedom, taking back the control of your money and making it work harder for you.
This is an experience that is a must, it allows you to take back control of your money and what you want from the hard work you use to make it!
Experiencing Freedom From Credit
Sometimes people haven’t experienced the freedom of living debt free, because of the increasing ease in which it is possible to get credit.
However, you are forever paying back the money you borrow, along with the high rates of interest associated with easily accessible credit.
It is difficult to learn to say no to a night out or a new phone when other people are constantly borrowing on credit and living beyond their means.
They are heading for years in debt and paying back a lot of their money on interest payments.
It is hard to make those choices where you say no to credit, you might need to change a few friends too, but living within your means does become easier and it also means that you are not using your money to pay high-interest rates on the credit you could have borrowed.
You Financial Future
Having savings gives you the chance to head towards your financial dreams and goals; you can make plans as to what you want to do in the future.
By saving money, you are giving yourself the chances to live the life that you want; if you don’t live trying to compete with others, it makes life a lot less stressful!
Dreaming Of Your Financial Future
It is important to dream, to want different things in life, but not at the expense where you are constantly paying more for the items than they are worth.
Your financial future is in your hands, you must make those choices that allow your money to grow and having savings is a great way to secure your financial future.
If you lost your income, having money put aside will help you survive until you can work again. It is about securing your future and making the most of the money that you have, make it work for you and not the other way round.
How To Increase Your Savings Account
For some, this seems like a simple task, for others, it is something they have never thought about!
So, if the idea of increasing your savings is not something that you know how to manage, these tips will help start you on your way!
- You need to create a budget, this isn’t as difficult as it might sound, check out this article to help you. It’s Easy To Make A Budget.
- Open a savings account, you can’t save money without having somewhere to put the money you save.
- Have a money-box or container to put loose change in to help save even more!
What is your best budgeting tip to increase your savings?
Therefore, if you increase your savings you can save for your financial future, you can reach your goals and if you have any debt you can make plans to pay this off and become debt free.
Having savings gives you the financial freedom to plan your financial future and to head towards your financial goals in life; it is where you need to head to take control of your money and to ensure that it is working for you and not just for all your creditors.
Grab My FREE Budgeting Printable
This will help you sort your daily Spending.