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Saving is your best defense against bankruptcy. It insulates you from possible financial loss and gives you the ability to expand your finances and create a money-generating business machine that will help you earn extra.

If you're looking for tips on how to save money, and build wealth, then here are a few tips to help you on your way.

1. Get more of what you need and less of what you want. Being able to differentiate between needs and wants is very important in your quest to save money

You buy items because you need them. A need is something you cannot take away from a person for these things are vital to his or her very existence and without them, they are categorically considered poor or deprived.

Don't worry; buying your wants isn't against the law. You however have to be able to control yourself and curtail your wants and spend for them wisely.

Wants tend to be more expensive than needs.

2. Buy generic. Branded items cost twice as much as generic items. However, this doesn't mean that they are necessarily better in quality. Your goal now is to reduce the number of branded items you purchase and increase the number of generic brands on your list.

3. Spend within your means. Building wealth is equivalent to being able to spend less than you earn. Spending more than what you earn or produce is a bad habit that most people get used to doing everyday. Allocate a special percentage of your earnings to go into your savings accounts while spending the rest for your day-to-day expenses.

4. Try it before you buy it. Before taking something home for good, make sure you try it and understand the implications of owning such a thing. Don't forget to factor in maintenance costs, insurance, and operating costs before making your decision

5. Less Is best Extravagance is the rule of the kings. While we sometimes need to afford a little affluence in terms of the food we eat, the body pampering devices and accessories, such as clothes and body-relaxing services, we also need to consider that these types of activities should only be reserved for special occasions and for cases when you have some excess left in your household budget.

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Supian Noor
Information about home loan, boat loan, car loan, refinancing, mortgage, fund raising, debt consolidation, student loan, credit card and saving money please visit : http://www. equityloansecrets.com