“A penny saved is a penny earned” this is a proverb frequently attributed to Benjamin Franklin. In other words, it’s a good idea to save money, not waste it. Often, you would also hear “its not what you earn, its what you save”. Moreover, you may hear another proverb” A fool and its gold shall soon depart”.

While saving for the future can seem overwhelming, if you start by just putting away a little more money each month, it may be easier than you think. By carefully reviewing your recurring monthly expenses, figuring out ways to trim those expenses and sticking to a budget you can put yourself on a good savings path to success.

1. HOUSING ( Roof Over Your Head)

If you have a mortgage payment, consider saving money by refinancing your mortgage. If the Interest rates are lower than what you’re currently paying, this could give you a lower mortgage payment and save you a lot over the life of the loan.

Another, option is to pay extra money on the principle. If you find yourself with some extra funds go into the bank and put additional funds on the principle of the loan.

If you’re a renter, look into finding a roommate to split costs or list your spare room on Air BNB.

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