| November 29, 2012

Strategies savers use to amass their wealth

In money management, there's more than one method for building wealth.
When it comes to money management, there is no one-size-fits-all method for building wealth. Different people have their own attitudes and strategies for saving money and building their wealth, and finding the tactics that would be best for their unique needs and goals can help consumers maximize their savings efforts. While there may not be a magic formula to saving money, there are several time-tested and effective strategies people can use to help them get on the right path.

One of the efficient ways to start saving money is to do so slowly. This also happens to be one of the more difficult challenges many individuals take on, because it's easy to get discouraged when they don't make progress quickly enough. This often prompts some to give up on their goals and revert back to ineffective money management behavior that makes it hard to put money aside. However, most wealthy individuals stress patience when it comes to saving their money, because it allows them to contribute to an account consistently without stretching their budgets too thin by trying to devote too much to savings too quickly. Individuals who are not starting out with a great deal of income may consider only saving 2-3 percent during the first year until putting money away becomes a habit. Next year, they can increase this amount to 4-5 percent, and so on and so forth until their account starts to build.

It's also difficult for people to save money when they are unaware of what's going on around them economically. Smart financial planning involves being up-to-date on the economy and potential changes to taxes, interest rates and regulations. These changes may drive consumers' decisions about where to place their money, and these decisions directly impact wealth. For example, proposed tax changes that would go into effect next year may raise tax rates for some individuals. In preparation, many are contributing to tax-favored retirement accounts now before higher income rates kick in, which could benefit their wealth in the long-term. Making these decisions is difficult without being informed of economic news, so it pays to stay up-to-date.

Saving is amount mindset, not income

Finally, many people who put away vast sums of money do not see it as a chore, and instead enjoy the financial security they are building for themselves. Consumers who dislike putting money away can adjust their own attitudes by envisioning the financial safety they may feel in the future by making small changes to their money management habits today.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

All Consolidated Credit counselors are certified personal financial counselors (CFC) We've helped 5 million people get out of debt! Call us today and see what we can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

The National Industry Standards for Homeownership Education and Counseling are a set of guidelines for quality homeownership and counseling services. Industry professionals who adopt these standards can be trusted to provide consistent, high quality advice.
Click here to learn more.

Consolidated Credit Consulting Services, Inc. has been verified as the owner or operator of the Web site located at www.consolidatedcredit.org. Official records confirm Consolidated Credit Consulting Services, Inc. as a valid business. Call us today and see what we can do for you.

Consolidated Credit is a Certified ISO 9001 company, as verified through Bureau Veritas Certification.

Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

View the Consolidatedcredit.org review status

Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

View the Consolidatedcredit.org review status

Consolidated Credit is proud to be an ANAB accredited member. Accreditation by a recognized and respected body such as ANAB ensures the impartiality and competence of our company. To see what we can do for you, give us a call.

U.S. Department of Housing and Urban Development - HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. Consolidated Credit is proud to be a member of HUD and also part of the Hope Now Alliance.

You can save!

With this amount of debt, you'd pay around $xx.xx on a DMP.

FREE Debt Consultation
VE Interactive