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[QUOTE="Jasmine, post: 239243, member: 49159"] Generally speaking, there are teo different strategies for saving. Let's say you earn $1000 and after paying bills and spending money on your necessities, you have $20 left. You save that money. ON the next month, you hve just $10 spare and you save that money. ON the third month, nothing is left on your hand, and you cannot save Let's say you received a pay check of $1000, you deduct $50 from $1000 and save in the bank and you will try to manage your entire month with the remaining $950. On the next month, you just deduce $50 and save that money. If in the previous month, there was some unnecessary expenses, you will try to cut that expenses and try to manage your finance. Between these two, which saving strategy do you think is better? The second option is better because you are saving every month. Now that you are saving every month, how do you actually build a big saving? Well, you need to understand about compounding interest. You need to compound your saving to earn even more. For example, you are saving $10 every month in your bank. BY the end of one year you have $120, now you can save that money in interest bearing account. [/QUOTE]
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