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Savings: Five ways to avoid being broke

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In this economic uncertainty, many of us are looking for ways to save money for a long term and retire well. Let us review nine basic ways to save money for the long term, according to www.lifehack.org.

1. Don’t waste your money: Every naira that you waste on something you don’t need (like cable or new clothes or a bigger TV) is a naira that you cannot save for your future. Cancel your extra monthly subscriptions and anything else that you no longer need. Run outside instead of paying for a gym membership.

2. Plan ahead and have a savings goal for retirement: Make a plan to save money for your retirement. Having a written plan is the first and most important step to long-term financial success.

3. Become debt-free as soon as possible: Paying off your debt is essential to being able to start saving money for the long-term. How can you save money if you are constantly paying for credit card bills, a new car, a bigger house, or old student loan debt?

4. Eat all of your meals at home: Instead of eating breakfast, lunch, and dinner out at restaurants, commit to eating all of your meals at home, every day. This will likely save you some cash per month if you are currently eating out daily. Look at your current bank statements and calculate how much you spend on eating out at restaurants each month. You may be surprised at how much you are really spending on food.

5. Set up an automatic payment for your retirement account: Determine how much you will need for retirement. Then, set up an automatic payment for that amount each month. Just set it to a reasonable percentage. Many people choose 15 to 25 per cent of their income, but that depends on personal financial goals for retirement. But remember, do not change this unless you need money for an emergency that is not covered by your emergency fund.

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