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How to Save Money
    Saving money is one of those tasks easier said than done—everyone knows it’s smart to save money in the long run, but many of us still have difficulty doing it. Today’s lecture will provide you with a clue to money saving.
    [1]First always spend money on absolute essentials first. When it comes to spending money, there are some things that you absolutely, positively cannot do without. [2]These things, namely, food, water, housing, and clothing, are your first priority when it comes to spending your cash.
    However, just because things like food, water, and shelter are important doesn’t necessarily mean that you have to splurge on them. [3]For instance, cutting down on the amount that you go out to eat is one easy way to drastically reduce your food expenses. [4]Along the same lines, moving to an area with cheap rent is a great way to spend less on housing.
    [5]Next, save for an emergency fund. If you don’t already have an emergency fund with enough money in it so that you can survive if you suddenly lose your income, begin contributing to one immediately. [6]Having a reasonable amount of money stockpiled in a secure savings account gives you the freedom to comfortably sort out your affairs in the event that you lose your job. After you cover your essentials, you’ll want to devote a chunk of your income to building up this savings account until you have enough saved to cover about 3-6 months of living expenses.
    [7]Besides giving you the peace of mind of knowing that you’ll be OK in the event of career difficulties, having an emergency fund can also earn you money in the long run. If you lose your job and you don’t have an emergency fund, you may be forced to take the very first job you’re offered, even if it doesn’t pay well. On the other hand, if you can survive without working for a while, you can afford to be much pickier and potentially land a better-paying job.
    In addition, put away money next. If you’ve established an emergency fund and paid off all (or nearly all) of your debt, [8]you’ll probably want to start putting your extra money in a savings account.
    The money you save this way is different from your emergency fund—whereas you’ll want to avoid dipping into your emergency fund unless you absolutely have to, [9]your normal savings are available for big, important purchases, like repairs to the car you use to drive to work. However, in general, you’ll want to avoid using your savings so that, over time, your total savings grow. [10]If you can, try to devote at least 10-15% of your monthly income to your savings starting in your 20s—most experts agree that this is a healthy goal.
    There’s more to saving than simply spending less money, although this alone can be challenging. Most people can save something regardless of their income. Start to save a little each day.