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How To Prioritize Your Savings?

May be you are a newlywed, you have a new job or have just recently dedicated to a personal cost savings strategy. Whatever may be your life phase, you would have heard that frequently adding to cost savings is a vital financial approach.

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How To Prioritize Your Savings?

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  1. Prioritize your saving Presented by : James Paxton By financecareeducation.com

  2. Why saving is so necessary? 1 So securing each one lives through financial planning becomes the inner core on which everyone lives revolve and is of utmost important if all want to lead a quality life. One of the most fundamental question of our lives has been how can we secure our lives from its very uncertainties.Each one of us wants to live a beautiful and joyful life but if you look around and find out, one fact comes out really strong and that is, one who is financially sound. Those who are financially sound and secure are able to enjoy the sweet fruits of life and are able to live a wonderful life. 2 3

  3. Most Important Reasons for Saving Save For Emergency Fund. Save For Retirement. Save For Education. 1 2 3

  4. Save For Emergency Fund Unanticipated expenses which can rock your financial boat such as sickness, job loss, home repairs, car repairs etc are cause of emergency saving. The emergency funds must be easily accessible. It is required to save a minimum of 5 % to 10 % of your gross pay check until you reach your emergency savings goal.

  5. Retirement Saving Saving is a rewarding habit for retirement. Retirement is the best time to meet your goals and transform your dreams into reality, but you can only do so if you are financially prepared. Because of this retirement is expensive. Financial advisors suggest that you will need around 70% of your current income to live comfortably in retirement.

  6. Educational Saving Saving for Education is very-very important goal for any parent and the right way to do it is by investing early with a proper planning. Saving for Education can be a step by step designed simple plan which you can do yourselves. When you fix well on first four steps then you must get the real answer of how much you have to save as educational fund as per your monthly income.

  7. The simple funda for successful financial planning is “Don’t buy if you don’t understand it”.

  8. THE END

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