7. Regular savings programs and paying yourself first What's the best method for organizing your saving activities? Virtually all financial analysts agree that it is best to: Start saving early Save regularly + Shift to another Savings goal and a higher-wielding investment when you actueve a particular savings goal. a Sometimes the most difficult question is, how do I get started and how do I maintain the momentum? One of the easiest answers is, "Save regularly "I ?" " and pay yourself first What do you think it means to pay yourself first? It means making your saving activities your first priority by paying yourself, or making contributions to your savings accounts before you pay any other obligations. before One way to pay yourself first is to after have your savings contribution automatically withheld from your paycheck and directly deposited into your savings account: make your savings contribution only if you have something left over after you pay all of other bis The advantage of this saving strategy is that it erisures that funds will be saved-es opposed to saving only if sufficient funds remain after all other bills are paid and any impulse purchases are made. ensures that funds remaining after paying all bills and making impulse purchases will be saved. Therefore, paying yourself first imposes financial discipline on the act of saving. It is recommended that one of the first goals of impulsiveness should be the accumulation of an estiergency fund equal to three to six months worth of living expenses. Let's examine this savir discipline her What is the purpose of an emergency living expense savings fund, and what other sources of funds are sometimes used to address , these needs? This fund allows you to cover a household's living expenses in the event of a job layott, Hiness, injury, or the premature death of an income-generating member of the household. expenses incurred during vacations, holidays, and birthday Celebrations expenses during these expensive and stressful events. The downside, or negative consequences of this strategy is that it reduces their wealth since it involves the payment, rather than the recelving, of interest Increases What type of savings vehicles should be used to store your funds? reduces However, most people don't maintain an emergency living expense savings fund; instead, they expect to rely on their credit cards to pay their living expenses during these expensive and stressful events. The downside, or negative consequences of this strategy is that it reduces their wealth since it involves the payment, rather than the receiving, of interest What type of savings vehicles should be used to store interest as? bills Which of the following are the factors that should be considered when identifying appropriate savings vehides? Check all that apply. The length of time you can leave your money on deposit The liquidity, convenience and safety characteristics of the account being considered , The level of past interest rates If you expect interest rates to decrease in the near future, then you should Invest in long term Investments so that you can lock in the higher interest rates before they decrease. stuur L-lerin reinvest quickly when interest rates increase. long-term 7. Regular savings programs and paying yourself first What's the best method for organizing your saving activities? Virtually all financial analysts agree that it is best to: Start saving early Save regularly + Shift to another Savings goal and a higher-wielding investment when you actueve a particular savings goal. a Sometimes the most difficult question is, how do I get started and how do I maintain the momentum? One of the easiest answers is, "Save regularly "I ?" " and pay yourself first What do you think it means to pay yourself first? It means making your saving activities your first priority by paying yourself, or making contributions to your savings accounts before you pay any other obligations. before One way to pay yourself first is to after have your savings contribution automatically withheld from your paycheck and directly deposited into your savings account: make your savings contribution only if you have something left over after you pay all of other bis The advantage of this saving strategy is that it erisures that funds will be saved-es opposed to saving only if sufficient funds remain after all other bills are paid and any impulse purchases are made. ensures that funds remaining after paying all bills and making impulse purchases will be saved. Therefore, paying yourself first imposes financial discipline on the act of saving. It is recommended that one of the first goals of impulsiveness should be the accumulation of an estiergency fund equal to three to six months worth of living expenses. Let's examine this savir discipline her What is the purpose of an emergency living expense savings fund, and what other sources of funds are sometimes used to address , these needs? This fund allows you to cover a household's living expenses in the event of a job layott, Hiness, injury, or the premature death of an income-generating member of the household. expenses incurred during vacations, holidays, and birthday Celebrations expenses during these expensive and stressful events. The downside, or negative consequences of this strategy is that it reduces their wealth since it involves the payment, rather than the recelving, of interest Increases What type of savings vehicles should be used to store your funds? reduces However, most people don't maintain an emergency living expense savings fund; instead, they expect to rely on their credit cards to pay their living expenses during these expensive and stressful events. The downside, or negative consequences of this strategy is that it reduces their wealth since it involves the payment, rather than the receiving, of interest What type of savings vehicles should be used to store interest as? bills Which of the following are the factors that should be considered when identifying appropriate savings vehides? Check all that apply. The length of time you can leave your money on deposit The liquidity, convenience and safety characteristics of the account being considered , The level of past interest rates If you expect interest rates to decrease in the near future, then you should Invest in long term Investments so that you can lock in the higher interest rates before they decrease. stuur L-lerin reinvest quickly when interest rates increase. long-term