by William Bond

Created on: September 17, 2009   Last Updated: September 18, 2009

Yes, you can save, it means that you set up a savings plan, and the key concept in the plan is to pay the most important person in your world first: YOU. Once you set up an automatic process of savings, you will find that savings account, or retirement account, start to climb, and keep building and building with the added interest of the savings account. There are two basic concepts in savings: One is to cut the items in your monthly budget, by changing vendors or cutting some items out. Two is to find ways to attain more income coming into you life, such as a better, higher paying job, or an extra job, or starting a home based business with your skills, talents and abilities. I will offer you some direct, simple tips to help you get your savings back on track.

Cut all your extra your credit cards.

* The average American has 8-l0 credit cards, and between $9,000-$l0,000 in debt in credit cards, some charging as high as l5% in yearly interest. Many credit card holders are only paying minimum payment on their cards monthly, at this rate, they will be paying off these cards for years. Get out of debt by paying more than the minimum on any cards in the $2,000-3,000 range. If you pay some cards off that is more money to save, or continue to pay off some of the other cards. Give yourself at least 24 months, to get rid of as many cards as possible, you only need one card, two at the most, and an emergency fund.

Why set up an emergency fund?

You might need fix the roof on your house, or to get some medical attention that needs to be done, rather than put it off, take the money from your emergency fund. An emergency fund should be between $2,000 to 5,000. The key reason for the emergency fund is you can use that money, rather than have to use your credit cards or take out a loan, which charges l5% interest. By using your emergency fund you have a sense of confidence that you are not increasing your credit orientated debt to pay them off. Watch your prescription costs too.

Using generic drugs wisely.

*Save hundreds even thousands of dollars by using generic drugs instead of your brand name drugs. How? Before your doctor writes a new prescription for you, ask your doctor, whether you can use a generic brand rather then the brand name. The brand name might be $l00 for a sixty day supply, the generic might be as low as $l5 , this would be a savings of $85, this is a savings of S5l0 for a full year for only one prescription ($85X6 prescriptions=$5l0). Now review all your

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