It’s no secret that saving money helps you achieve financial milestones while staying out of debt. With the right methods, you can not only put more money aside but also help it grow.
Watch the video to learn How To Save Money Effectively, then test your knowledge at the end of the lesson.
Which of the following is a way to make sure you stay consistent with savings?
A. Employ a reward system for every time you save a dollar
B. Treat savings like a bill you pay yourself each month
C. Have friends and family hold you accountable for saving
D. Place any extra coins or change you receive in a locked box
The percentage of take-home income you should aim to set aside for savings is:
A. 1% to 3%
B. 5% to 10%
C. 15% to 18%
D. 100% of any extra cash flow
Reducing discretionary expenses can give savings a boost – even temporarily cutting back on shopping and dining out can help.
A. True
B. False