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5 rules of thumb on: saving

Save and adopt. Saving on the way to an easier future.
  1. Aim for a goal – define what you want to save, what you want to achieve with your money. Set clear and focused goals, both short-term and long-term. The goals should be specific, limited in time and amount. Name your savings, savings for academic studies for the child, savings for home renovation, savings for the child’s bar mitzvah, savings for a trip abroad, savings for a new car, etc., from our experience with Paamonim when the goal is there, both the amount of savings and the chances of realizing the plan increase.
  2. Save as much as you can – Make saving a habit, no matter how little you can save on a day-to-day basis, even a small savings will become significant savings over time. Choose the way to save that works for you. Some will choose to save coins and surplus in a box at home, some will decide to save all the gifts they receive, some will sign a standing order in their bank account, and some will decide that they do not touch the funds of the study fund. The ways to save are varied, what is important is to start saving as soon as possible. Even saving NIS 10 a day will amount to a considerable amount of money after a period of time.
  3. Saving a little on expenses today means having a lot of fun in the future – everyone has obligatory expenses that must be paid to live a comfortable and pleasant life. But sometimes we buy not because there is a real need, but simply because we feel like it. It is worth remembering that spendingwasteful money is actually a double waste of money: the money you earn disappears and with it disappears the profit you could have saved if you directed the unnecessary expenses to savings.
  4. Rich Retirement Fund – If you are self-employed without a pension fund or for any other reason do not have a pension, you must set aside at least 10% of your income for retirement. Do this automatically, using standing orders for a savings plan.
  5. Track your savings – Periodically tracking the money you’ve managed to save will encourage you to keep saving. You’ll soon see the amount add up and with it your ability to make decisions about if and when to use it. When you look at the amount you have saved, you can ask yourself if the effort in saving the amount you save each month is large or whether it is possible to save a larger amount each month.

 

When it comes to savings, the most is fine…

 

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