February 12, 2015 in Savings

5 poor ways to save (and how to do better)

Too many of us don’t know how to save. That’s obvious from Americans’ abysmal savings rates. It’s also clear from the emails I get from readers who are trying, and failing, to get off the paycheck-to-paycheck treadmill.

Here are five strategies that don’t work, and what you should do instead:

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What if big expenses come along and wipe out everything you’ve saved? Pat yourself on the back because your savings did its job, which was preventing you from going into debt. Pick yourself up, dust yourself off and get back to the savings strategies you now know will work.