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Step 4: Save the money that you’re not spending

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Step 4: Save the money that you’re not spending

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With vacations canceled, bars closed and gyms out of the question, you’re probably spending less money than you were pre-Covid.

Most people have pared back their swiping. Chase credit card customers, for instance, are charging about 10 percent less than they did a year ago. Fewer available ways to spend money can ultimately be a good thing. Nearly 70 percent of credit card borrowers, according to CompareCards.com, are totally confident they’ll pay off their balance in full this month, an almost 10 percentage point

increase from this time last year.

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People who find it hard to save money are often impatient and do not think about the long-term consequences of spending money, suggests a new research.

In the study published in the Journal of Consumer Research, the researchers examined how consumers spend money when they think about the future.

"We have known that being aware of the benefits of not spending and being patient contribute to savings, but our research finds that one or the other is not enough," said study authors Daniel Bartels and Oleg Urminsky from the University of Chicago Booth School of Business.

For the study, consumers were asked to choose between a more expensive product and a cheaper alternative in six different product categories.

When consumers first ranked the categories by importance (prompting them to consider other uses for their money) and read about their future selves (emphasising that their identity was stable over time), they spent less on the categories they had ranked as least important.

Making consumers think about and value the future did not simply make people stingy. It caused them to spend more wisely - to make better financial decisions by focusing their spending only on what was really important to them.

"For consumers to be motivated to save money, they need to both consider the future financial consequences and care enough about their financial future when spending money," the researchers noted.

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This is the reason why it's hard to save money

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People who find it hard to save money are often impatient and do not think about the long-term consequences of spending money, suggests a new research. In the study published in the Journal of Consumer Research, the researchers examined how consumers spend money when they think about the future.

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Step 3: Create a reasonable emergency fund

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Step 3: Create a reasonable emergency fund

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A safe-to-spend number won’t work well for everyone, especially if you don’t have a stable, predictable paycheck.

Financial planners would say the Moores should simply dip into their emergency fund (a pot of money consisting of six months’ worth of essential expenses in a savings account) when times get tight. But this commitment can run into the tens of thousands and is a nearly impossible feat for families with volatile earnings, and difficult even for higher earning households.

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Saving money isn't always easy, but it's likely to be less painful than the alternatives. A recent study found that many of the people surveyed currently or recently:

Had unpaid medical bills: 26%.

Overdrew their checking account: 22%.

Took a loan from their retirement account: 14%.

Took a hardship withdrawal from their retirement account: 10%.

Had more than one late mortgage payment: 13%.

Filed for bankruptcy: 3.5%.

Source: FINRA Investor Education Foundation National Financial Capability Study, 2012.

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Saving money isn't always easy, but it's likely to be less painful than the alternatives. A recent study found that many of the people surveyed currently or recently: Had unpaid medical bills: 26%. Overdrew their checking account: 22%. Took a loan from their retirement account: 14%.

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A simple trick is to recast how you think of a budget. Rather than accounting for every dollar spent and arranging expenditures by
category (dining out, home improvement, etc.), most people would be better off if they were to set a number they could safely spend each month on everything, no matter where or how.

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Debt Free Living - 5 Ways to start saving money NOW - Spending Less Money - Tips on Saving money

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This strategy, called “small victories” or “snowballing,” is best known for dealing with credit card debt. You want to go after the card
with the smallest balance, rather than the lowest interest rate, to garner positive momentum, according to research.