{"id":3462,"date":"2016-03-18T16:11:31","date_gmt":"2016-03-18T20:11:31","guid":{"rendered":"http:\/\/blog.silver-investor.com\/?p=3462"},"modified":"2018-06-10T10:54:48","modified_gmt":"2018-06-10T10:54:48","slug":"3-smart-ways-to-save-money","status":"publish","type":"post","link":"https:\/\/www.themorganreport.com\/blog\/3-smart-ways-to-save-money\/","title":{"rendered":"3 Smart Ways to Save Money"},"content":{"rendered":"

 
\n3 Smart Ways to Save Money<\/strong>
\nBY DANIEL AMEDURI
\nAccording to GoBankRate, 56% of Americans have less than $10,000 saved for retirement. Over half of this group actually said they have ZERO in savings when participating in the study.<\/strong>
\nWhen looking at demographics, it is no surprise that 72% of millennials are in the category for the worst savers. This generation has been plagued with low wages and a government-fueled bubble in college tuition. This has left them saddled with student loans, credit card debt, and part-time jobs with bachelor\u2019s degrees.
\nEven though I am not a big fan of conventional retirement, I do think savings is a must. No matter where you are in life, here are 3 great ways to save money regularly.<\/strong>
\n1. Create barriers.<\/strong> Savings shouldn\u2019t be easily accessible. If it is, you\u2019ll be tempted to spend it. In my own personal life, I can tell you when my wife and I were in our 20s, because our savings was not connected to our checking account, we became creative and thrifty when we needed to be, rather than just simply making a transfer out of our savings.
\nWhen I say create a barrier, it just means make a withdrawal inconvenient for yourself or in an account where it will take days to become spendable cash. For liquid currency, try a small credit union 30 minutes from your house, and don\u2019t set up online access. Start a whole life policy, where in order to make a withdrawal, you have to pick up the phone and wait 5 days for a check to arrive.
\n2. Precious metals.<\/strong> I don\u2019t know what it is about holding a physical gold or silver coin in your hand, but believe me, you don\u2019t want to sell it\u2026 Which is why precious metals do make a great way to save \u2013 they preserve your purchasing power over time, and in order to convert your coins into cash, you have to either go find a local shop or call up a bullion dealer, who will force you to go to the post office, send the metal in, and wait for a check or wire.
\nSavings should be inconvenient to withdraw, otherwise it will just be a regularly tapped source to fill spending deficits. Force yourself to save and not spend too much.
\n3. Make it automatic.<\/strong> Set up contributions to a Roth IRA, or a bill pay that sends a check to your local savings account at a credit union. Have the money taken out — no matter what — on a specific date. The second new income hits your bank account, either have an automatic plan for disbursement into savings, or create a habit of making it the first thing you do on a payday.
\nSavings is the source of wealth; it\u2019s opportunity cash, peace of mind, and what separates the rich from the poor.<\/strong>
\n <\/p>\n

David Morgan is a precious metals aficionado armed with degrees in finance and economics as well as engineering, he created the Silver-Investor.com website and originated The Morgan Report, a monthly that covers economic news, overall financial health of the global economy, currency problems, and the key reasons for investing in precious metals.
\nAs publisher of The Morgan Report, he has appeared on CNBC, Fox Business, and BNN in Canada. He has been interviewed by The Wall Street Journal, Futures Magazine, The Gold Report and numerous other publications. If there is only one thing to teach you about this silver bull market it is this… 90% of the move comes in the last 10% of the time!<\/strong> Where will you be when this happens?<\/p><\/blockquote>\n

 
\n

Sign Up For The Morgan Report Today! *<\/strong><\/span><\/a>\n  <\/p>\n","protected":false},"excerpt":{"rendered":"

  3 Smart Ways to Save Money BY DANIEL AMEDURI According to GoBankRate, 56% of Americans have less than $10,000 saved for retirement. Over half of this group actually said they have ZERO in savings when participating in the study. 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