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Dealing with demoralization when saving money
Once you understand where your money is going and what is left for savings, you may feel demoralised. Even though the amount is small in the first few months, you may be surprised by how much your balance grows in six months or a year.
The power of compound interest is what helps accounts grow exponentially and reach your savings goals quicker.
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From the day you start saving, put a reminder on your calendar once a week to work for one hour on your finances in some way. It could include reading, balancing the accounts, optimizing cash flow, researching funds, etc.
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Don't get worried when the market starts turning red.There have been a few corrections in the market, but they typically recover in a few days or weeks.
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Both saving and investing are important, but they are not the same. While both can help you build a more secure financial future, customers must understand the differences and know when to save and when to invest.
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- Spend less money than you earn
- Always plan for the future: you should always look forward beyond the current month
- Make your money make more money: invest, start a business or invest in your education.
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All improvement in your life, including financial improvement, begins with you clarifying your true values, committing yourself to living consistently with them, and then aligning everything you do with them.
When you align your work and personal life to support your financial goals,...
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