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You Can Bank On It

Saturday, June 26, 2010 - 9:50 AM
http://www2.scholastic.com/browse/article.jsp?id=3754231&FullBreadCrumb=%3Ca+href%3D%22http%3A%2F%2Fwww2.scholastic.com%2Fbrowse%2Fsearch%2F%3FNtx%3Dmode%2Bmatchallpartial%26_N%3Dfff%26Ntk%3DSCHL30_SI%26query%3Dyou%2Bcan%2Bbank%2Bon%2Bit%26Nr%3DOR%2528Collection%253AConsumer%2BProducts%252CAudience%253AParents%252CP_URL%253AParents%2529%26isParent%3DY%26N%3D0%26Ntt%3Dyou%2Bcan%2Bbank%2Bon%2Bit%22+class%3D%22endecaAll%22%3EAll+Results%3C%2Fa%3E

(Excellent, Simple article.  Exerpts:)

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It’s not how much you earn that’s the key to getting on top of your personal finances — it’s how much you don’t spend.

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Sock it away
Adopt a Save-to-Spend strategy. It will help you learn to fret less over every penny so you can focus on the bigger picture. According to M.P. Dunleavey, an award-winning personal finance journalist and the author of Money Can Buy Happiness, “While most budgets are designed to control spending, the Save-to-Spend plan is designed to expand your savings.” Aim to save approximately:

- 10 percent of your monthly gross income for retirement

- 10 percent for long-term needs (emergency fund, college)

- 10 percent for short-term needs (new cell phone, field trips)

- and another 10 percent for frivolous, fun pleasures (manicures and moms’ night out!).

The remaining 60 percent should go to regular monthly expenses.
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MikeMike327 posts since
Feb 22, 2010
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