Pay yourself first in 2018

    A key principle to building wealth is saving money. Studies show that people who develop a habit of saving regularly, even small amounts, are successful. Setting aside money helps to form a savings habit. This is called “paying yourself first.” Paying yourself first simply means setting aside money before there is a temptation to spend it. Arrange with a financial institution to automatically transfer a certain amount from each paycheck to savings. Over time, it will add up, and wealth will be built.
    Here are some strategies to use for successful savings:
    
Set yearly money goals
    Set personal financial goals to provide focus and motivation for savings habits. Goals help people use their money to do the things that are important to them and their family. Saving money, improving financial health and building wealth starts by setting a goal and making a plan to reach that goal. Goals must be SMART — specific, measurable, attainable, results-focused and timeline.
    Alone or with family, figure out goals. Want to set up an emergency cash fund, get out of debt, make a down payment on a car or home, or put away money for college or retirement? Consider keeping the list of goals short. It will be easier to make progress toward them. With fewer goals, one will more likely keep “on track” toward meeting them.

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