Most financial advisers say you should save between 10-15% of your income. If that’s not possible, start saving whatever you can now and make your goal to get to that percentage as soon as you can. In today’s volatile economy, where inflation is taking more of your hard earned income, saving gets complicated, especially if you have credit card debt, car loans, and other high interest debts overshadowing your financial situation. Live below your means and put your money to work. Get in the habit of saving for the long term.
If you’re not working for a company that offers a 401K, you can still open an individual retirement account (IRA) and max out your contributions. If possible, take on a low interest loan and pay off your high interest debt and make sure you don’t add any more debt to your life.
For business owners, the concept is the same. Analyze your business expenses, invest only in what you know can give you the return you expect, cut costs, pay down any debt, and focus on saving for times like these where inflation is eating up most of your profits.
One area you might want to look is your credit card processing fees - The fees that you are paying to accept credit cards. Credit card companies continue to raise their fees every year, and have now become one of the largest business expense for any business. FEEPASS, our flagship product can help you offset all of your processing fees. We believe you should keep more of your hard earned money. Don’t you?
Contact us to learn more about how we can help you fight inflation and start saving today.