LexION Blog

Mistakes to avoid while saving money. How to save money wisely.  Ways in saving money. Tips for saving money. How to save money. Saving money efficiently and effectively.
Automate the process by creating a recurring monthly transfer to savings each month.
Try to only spend what remains. The less you have saved up in cash, the more you’ll end up blowing in credit card debt. It’s a vicious cycle that can feel impossible to break.
While we know how crucial saving money is, we may not always know the best ways to save it. We may be even less aware that there are bad ways to save.

You don’t need to know much about finances to know how important it is to save money. Most CPAs and CFPs recommend having at least three months’ worth of emergency savings in the bank. https://www.gobankingrates.com/category/saving-money/?utm_campaign=1161495&utm_source=yahoo.com&utm_content=1&utm_medium=rss

Failing to Begin

“The biggest savings mistake people make is failing to start saving. ” said Elle Kaplan, CEO and founding partner of LexION Capital. wWo recommends the 50-30-20. “50% of each paycheck goes to bills and necessities. 30% to ‘wants,’ and 20% should be saved and put into an investment account. This works so well because it makes the process of spending less and saving more both simpler and therefore less painful.”

This method also should prove helpful. Since it provides a clear and steady strategy that doesn’t require any advanced math skills.

“You save effortlessly without feeling deprived. By having a constant focus on budgeting and penny-pinching.” Kaplan said. “Set up a regular transfer to occur as soon as your paycheck hits, to make saving the key 20% easy and automatic.”

Saving money efficiently and effectively. Being in control of your money provides freedom. Make habit of saving money.
No Comments

Sorry, the comment form is closed at this time.