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Tag Archives: savings rate. monthly expenses

Automatic Savings: The Key to Stress Free Finances

Earlier this week we talked about paying certain bills annually as a way to save money. Even if the discount is only 5% or 10%, it adds up over time. Monthly payments take more work, more money, and can cause extreme stress when you get hit with an emergency. Being able to pay annually for bills or any other type of big expense requires that you have an adequate amount of savings. Today, I’ll offer my experience on how you can achieve a high savings rate without having to rob a bank to get started. Determine Your Expenses As I’ve said since starting this blog, if you don’t know where your money is going, you’ll never be able to save or pay debt. If you don’t track your expenses, take time to go back over the past year and see how you spent your money. If you have online banking, it should be pretty simple. If you use lots of cash and don’t save receipts, it might be impossible, but you can start tracking from today. Look for big expenses like car insurance, life insurance, HOA dues, money spent on contact lenses, or gym memberships. If you can pay these ...

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