Linda Pinkul
Linda Pinkul
Coldwell Banker Newsletter

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THE IMPORTANCE OF SAVING

Life is filled with unexpected costs that can wreak havoc on your bank account and leave you stressed to your breaking point.  When an emergent car repair, a broken dishwasher, a hike in property taxes, a decrease in retirement income or some other unanticipated event arises, it is important to make sure that you have a financial cushion in place.  Because it is impossible to predict the future, saving is the only way that you can be prepared for inevitable, undesirable monetary twists and turns.




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IMPORTANT CONSIDERATIONS

To put together a proper savings plan, it is necessary to contemplate what you may need money for over the span of your life.  Here are a few things to considered when implementing a savings plan:

EMERGENCIES  
This category is rather broad and encompasses a variety of different things such as home repairs, medical expenses, or a sudden job loss.  In the event of an emergent situation, it is necessary to have money set aside to avoid accruing substantial debt to cover basic necessities.

RETIREMENT
We all look forward to trading the 9 to 5 grind for unending days of relaxation; however, this may not be possible without adequate preparation.  Saving and investments are critical to replacing the income that you will no longer receive from your job.  Evaluating your potential costs will allow you calculate the amount of money needed per month of retirement, allowing you to determine how financially aggressive you should be to retain a comfortable lifestyle.

LIFE EXPECTANCY 
Modern day medical advancements are extending the average lifespan of our population.  As a result, people are living longer and need additional money to survive for prolonged periods of time.

SOCIAL SECURITY VOLATILITY
  
While many individuals rely solely on Social Security, it was never intended to be a primary source of income.  Social Security should be viewed merely as supplemental, making it necessary to have another primary income stream.

EDUCATION
Private and public education costs are at all time highs and are increasing at staggering rates year-after-year.  It is important to budget accordingly to prevent you from accruing substantial, debilitating student-loan debt.




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PLANNING TO MAXIMIZE YOUR SAVINGS

Many people make the mistake of developing a budget based on their gross income, resulting in inaccurate calculations.  It is necessary to start off on the right foot by budgeting around your net income, as it reflects what you actually take home after taxes and deductions.   
Your potential savings is your net income less your expenses.  To ensure that you are maximizing your potential savings, think about whether there are monthly variable expenses that you can reduce or eliminate and if there is anything that you regularly spend money on that you can do without.  By starting with these considerations, you can devote funds, that would otherwise be frivolously expended, to your long-term savings fund. 

The old adage “every penny counts” is a wise mantra to develop when embarking on a savings journey.  Small amounts of money may appear insignificant but, when combined with multiple other small deposits, they can grow into substantial sums over the long term.  Here are a few simple tips for building a stockpile of cash: 



SAVE WINDFALL INCOME:  Resist the temptation to splurge when you receive unexpected money such as an income tax refund.

COLLECT LOOSE CHANGE:  We all run into the occasional loose change clinking around in the dryer, weighing down our pockets, or simply laying on the ground.  Use a jar and deposit its contents in the bank once it is full.

EMBRACE FRUGALITY: Make a habit of purchasing less expensive, off brand products.

BREAK A HABIT: Try eliminating one of your habitual expenses for a defined period and apply the funds to your savings.

PACK A LUNCH:  Forbes Magazine found that Americans spend roughly $1,000 each year on going out to lunch.  Bring your lunch to work to chip away at this expense.

BUY NOTHING: Designate a week where you “buy nothing.”

COST COMPARISON: Shop around before making major purchases to ensure that you are getting the best deal.

CLIP COUPONS: Coupons are readily available and are a great way to reduce living expenses.
 




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Linda Pinkul 
720-479-5445
linda.pinkul@coloradohomes.com

         



       


                   

   



 
Linda Pinkul 
720-479-5445
linda.pinkul@coloradohomes.com




   



   



 
Linda Pinkul 
720-479-5445
linda.pinkul@coloradohomes.com