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How to Save Money

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The Key to Saving a Cash Surplus

"When a surplus is made part of the 'need' by disguised outgo, a surplus occurs. Only then will it occur. It will not happen otherwise."

-- L. Ron Hubbard

If you are good at paying bills, you can also be good at saving money. You simply make your savings into a bill. You won't miss the money.

For example, you buy a house with a mortgage. A small part of your house payment goes toward the purchase and is "saved" in the real estate. It may not be much, but it is better than nothing.

Another example is to arrange a monthly debit from your checking account into a saving account. Any bank can set up a savings plan for you. This can work if you know you won't touch the money.

Certain credit card programs allow you to make monthly payments into an investment account, such as savings accounts with insurance companies or banks. The amount you authorize is automatically charged to your credit card each month.

You can pay money toward a future purchase by making an agreement with the group you want to buy from. For example, some colleges allow you to freeze the tuition, if you make monthly payments.

You can also sign up for your company's payroll savings plan or retirement plan. You tell your employer how much to save for you. Your savings is withheld just like your tax payments.

Even though opportunities to create a bill that becomes a savings account are not widely promoted, they are available.

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