Grow Personal Savings

This one is pretty self explanitory. Though it is important to build personal savings I think it is most important to get out of debt before you begin to put a large amount of money away in savings. We live in a time where savings interest is as low as credit card interest is high and I am a firm believer in the fact that the best return on your money can be achieved by paying off personal debt.
That being said I also believe that having enough personal reserves to get you through an emergency is vital in today’s economic times. Plus, having cash reserves will help to keep you out of debt once you get there because you won’t be tempted to use your credit cards when something comes up. So once you pay down your debts follow these steps to build your savings.
Take a look at your budget now that you don’t have any debt. What are your monthly expenses? Include all of your utilities, your mortgage payment, your disposable income expenses. How much money do you spend every month?
Take the money that you used to spend on debt payments and put it in a basic savings account. Most experts say that you should have at least 3 to 6 months of expenses saved for emergencies, but in this economy who knows what could happen and since you are debt free and your expenses are low I recommend at leas 6 months and possibly even 9 to 12 months of expenses. Keep going build that savings account. Like I said before, once that cash is saved you will not be tempted to go back to the credit cards when something comes up.