10 October 2012

The Top Seven Money-Saving Mistakes - Part 6

Is it possible to make mistakes in saving money? Unfortunately yes, it is. The good news is we can learn from the mistakes of others and apply them to our own situations. This is Part Six in the Finance Tip of the Day series covering the seven money saving mistakes.

Savings Follow Income
Another mistake to avoid is to keep your savings at the same level even if your income and standard of living go up. If those things go up, so should your savings.  A good rule of thumb is if you get a 5% increase in pay, then your savings get a 5% increase. In other words, how much your pay goes up, your savings go up.  This keeps your level of saving on par with your income and stops you from falling behind with your saving goal.

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