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Tips for Building Up Your Savings and Emergency Funds

Finance

Money is still the one thing which makes the world go round, and we all need it to survive. While focusing on earning enough to cover your day to day bills is essential, you should also pay attention to building up your savings and emergency funds. There are different ways you could go about this, including putting aside any winnings made from playing at PA online casino sites, but the key thing to understand is why you should do this.

The simple facts are that life is unpredictable and has a habit of throwing nasty surprises your way – often when you least expect it or could do without it. The current COVID-19 pandemic is a classic case in point and has been a real problem for many financially, whose regular work has been affected. By saving money and building an emergency fund over the years, you not only have money to get you through tricky times but also money to enjoy your life with or to use when you retire.

But what are the best tips for building up your savings and emergency funds?

Set up a direct debit into them each month

The biggest problem that most of us have with saving or building up an emergency fund is that we don't do it regularly. You may mean to do this every month, but it often just does not happen. When you rely on manually moving money from your checking account into savings accounts, many people never get around to it. As a result, you do not save as much as you could or have as much as you might need for emergencies. The best idea is to set up automatic payments from your checking account into your savings and emergency fund account each month. After that is done, it will simply roll along every month and take away the hassle of remembering to make the transfer.

Invest a proportion of your spare cash wisely

While you do want to risk investing all of your spare money, it is wise to look at putting some of it work for you. The return you will get on a decent investment is going to be better than the interest rate you get on a savings account. So a great tip for building up your savings and having more money for emergencies is to invest a little of any spare cash you have. Over time, you will accumulate more wealth and have money for emergencies, retirement, or could simply treat yourself. Investing in stocks and shares is still very popular while trading Forex and cryptocurrency is massive now. Be warned, though – you must know what you are doing if you will be handling the investment yourself. If not, it is best to find a reputable investment brokerage to help.

Make a budget and stick to it

The only way you will build up your savings and the money you have for bad times is to put more cash in these accounts. Many people struggle here as they often do not have any spare money left each month to do so. While it might seem like all your cash is tied up, poor budgeting can often be the real cause. So many people waste money on excessive grocery bills, takeaways, clothes shopping, and going out every month. While no-one is suggesting you live a miserable or monastic lifestyle, you should look at what you spend and cut back where you can. Write out this new budget and stick to it. By preparing a budget, you will find you have the spare cash you need to save.

Put aside any bonuses or extras

It is human nature to get free money and then want to blow it all on luxuries or treats. Getting an unexpected tax refund or work bonus can see you heading straight to the mall or your favorite restaurant for a meal. While it is nice to use some of the extra cash to have fun, try to save at least half if you can. Putting some of any extras that you receive aside for emergencies or later life will help the amount you have to grow.

Building wealth is the goal

For a lot of people, it seems very boring to talk about savings and planning for the future. If you struggle with this, why not switch it up and think about building wealth instead? Having the money you need to protect your family in emergencies, to enjoy treats, or to have a great retirement is essential. If you need a few great tips on how to go about it, the above should help.

How to Learn Much More From the Books You Read

It is one thing to read and another thing to understand what you are reading. Not only do you want to understand, but also remember what you've read. Otherwise, we can safely say that if we're not gaining anything from what we read, then it's a big waste of time.

Whatever you read, there are ways to do so in a more effective manner to help you understand better. Whether you are reading by choice, for an upcoming test, or work-related material, here are a few ways to help you improve your reading skills and retain that information.

Read with a Purpose

Never has there been a shortage of great books. So, someone recommended a great cookbook for you. You start going through it, but your mind is wandering. This doesn't mean the cookbook was an awful recommendation, but it does mean it doesn't suit nor fulfill your current needs or curiosity.

Maybe your purpose is more about launching a business. Maybe you're a busy mom and can't keep office hours, but there's something you can do from home to help bring in more money, so you want information about that. At that point, you won't benefit from a cookbook, but you could gain a lot of insight and find details here on how-to books about working from home. During this unprecedented year, millions have had to make the transition to work from home, and millions more are deciding to do that. Either way, it's not a transition that comes automatically or easily, but reading about it will inform you about what working from home entails.

Pre-Read

When you pre-read it primes your brain when it's time to go over the full text. We pre-read by going over the subheadings, for instance, the table of contents, and skimming through some pages. This is especially useful when you have formal types of academic books. Pre-reading is a sort of warm-up exercise for your brain. It prepares your brain for the rest of the information that will come about and allows your brain to be better able to pick the most essential pieces of information you need from your chosen text.

Highlight

Highlighting essential sentences or paragraphs is extremely helpful for retaining information. The problem, however, with highlighting is that we wind up highlighting way too much. This happens because we tend to highlight before we begin to understand. Before your pages become a neon of colored highlights, make sure that you only highlight what is essential to improve your understanding and not highlight the whole page.

Speed Read

You might think there have been no new ways to read, but even the ancient skill of reading comes up with innovative ways; enter speed reading. The standard slow process shouldn't affect your understanding, but it does kill your enthusiasm. The average adult goes through around 200 to 250 words per minute. A college student can read around 450 words, while a professor averages about 650 words per minute, to mention a few examples. The average speed reader can manage 1,500 words; quite a difference! Of course, the argument arises between quality and quantity. For avid readers, they want both quantity and quality, which leads us to the next point.

Quality Reading

Life is too short to expect to gain knowledge from just one type of genre. Some basic outcomes of reading are to expand your mind, perceive situations and events differently, expose yourself to other viewpoints, and more. If you only stick to one author and one type of material, you are missing out on a great opportunity to learn new things.

Having said that, if there's a book you are simply not enjoying, remember that life is also too short to continue reading it. Simply, close it, put it away and maybe give it another go later on, or give it away. There is no shame or guilt in not liking a book; even if it's from a favorite author. It's pretty much clear that you won't gain anything from a book that you don't even enjoy, let alone expect to learn something from it.

Summarize

If you're able to summarize what you have read, then you have understood. When you summarize, you are bringing up all the major points that enhance your understanding. You can easily do so chapter by chapter.

Take a good look at your life and what's going on in it. Accordingly, you'll choose the material that is much more suitable for your situation and circumstances. When you read a piece of information that you find beneficial, look for a way to apply it to your life. Knowledge for the sake of knowledge isn't all that beneficial. But the application of knowledge from a helpful book is what will help you and make your life more interesting and more meaningful.