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What Is Your Favorite Saving Strategy
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[QUOTE="Leah Kelvin, post: 335717, member: 106815"] A method that is both popular and effective is the 50/30/20 rule which I can recommend. It means dividing your income into three groups as follows: 1. 50% for essentials: You should direct fifty percent of your monthly earnings to meet basic needs like food, rent, bills and transport. 2. 30% for wants: Set aside thirty percent of your money to be used in entertainment and other things you may want to have or do. 3. 20% for savings: Another twenty percent has to be saved for future financial objectives, contingencies or investments. This division lays the financial edifice and gets one prepared for any unexpected expenses. Nonetheless, this is just one approach among many; depending on various factors such as individual circumstances, goals and lifestyles, different saving methods will be more appropriate than others. Thus it’s always advisable that you consult a professional financial advisor or conduct a thorough research in order to find an investment mode most suitable to your own needs. [/QUOTE]
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