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6 Saving Strategies to Becoming a PowerSaver

by on February 27, 2012

 No one predicts a job loss or a medical emergency but these types of incidents do happen and it’s important to be prepared.  The financial experts at PowerWallet compiled a list of strategies that anyone can use to become a savvy PowerSaver!

1. Calculate your current net worth. How can you measure you financial success if you don’t know what financial level you are at?  Whether you have no savings or have a plethora of investment and saving accounts, add it all up and establish your savings starting point. Manage your net worth in a free, simple and secure way by signing up for PowerWallet Beta today! It’s Free.

2. Save a portion of your income each month. The financial experts at PowerWallet suggest no matter how much you make on an annual basis, try to save at least 10 percent each month. This will prevent you from getting yourself into debt if a crisis occurs. Being prepared for financial emergencies is a significant part of being financially successful. Remember, if you are proactive about your finances now, you will never have to be reactive when a major expense comes up.

3. Make a spending plan. Most people call this a budget, but the word “budget” is so unappealing. The money gurus at PowerWallet like to refer to a budget as a spending plan.  Calculate what your monthly bills are, what debts you have, how much money you make each month and set a guideline.  As a rule of thumb, your monthly rent/mortgage payment should never be more than one third of your monthly income.  Also, creating and using a spending plan will show you where you are splurging too much and where you can cut back.

4. Pay off credit card debt. If you are in the negative because of the debt on your personal balance sheet, it will be hard to save.  Calculate how much debt you owe and the interest you are being charged and establish a debt reduction program.  If you feel like your debt is spiraling out of control and you need help from professional, reach out to an accredited credit counseling agency.

5. Open a savings account. If you don’t already have one, now is the time to go to your local credit union or major bank to open a savings account. If you are really constrained on time, check out free online-only banks. Shop around…some banks offer some pretty nice CASH deposit incentives just for signing up!

6. Use PowerWallet to take power over your finances! PowerWallet is the newest money management software that is 100% FREE and will help you spend, save and manage your money in a smarter way that takes less time than regular budgeting.  PW is different from other personal financial management systems because you will also have exclusive access to amazing deals and incentives for you to save on items you actually buy.  Visit today to sign up for the Beta Launch and learn more about the product.

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