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They say that money cannot make you happy and this is absolutely true. Even the richest person who has the biggest house and the best car might not be content with his life. Still money is an essential part of life and when we are running low on it our lives seem to be just as complicated and bleak as the rich man’s.

We have all had at least one time when our car has broken down or something in our home needs to be replaced. These repairs could cost us thousands of dollars that we don’t have. It is in these times that we desperately need a savings account that we can fall back on. First you have to know how to save that money.

Budget

How many times have we told ourselves that we would put $50 or more aside and into the bank and than forgotten to do it? At the beginning of each month you need to make a budget of where your money is coming from and where it is going to. This will give you an idea of how much extra you have every month.

When you know this it should be easy for you to know how much you can save without hurting yourself. At the beginning of the month take that $50 or $100 or more and put it in the savings account. Let it sit there and try not to think about it. Remember that this is for an emergency.

Opening An Account

The first thing you need to do is to open up a savings account. This is separate from the checking account and might cost you around $5 a month to keep it up. Compare banks in your area to find the one you wish to work through. The great thing about these is that it will incur interest each month and the only way you can get it out is to go to the bank and ask them for it.

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