Many people are struggling when it comes to “saving money”.
Yes, they want to save but the urge is not that strong or we need to educate them more..
So, are you one of them?
It feels so good when you know that you’re prepared for the future and you’re secured, right?
If you need encouragement or you wanna learn more on how to save your money,
then this is for you!
Here are 6 best ways to save your money:
One bank, different accounts
Open a savings account in the same bank. After receiving your salary, it will be easier to transfer your money to your savings account before you get the chance to spend it.
Calculate your monthly cost of living
It is significant to list down how much it really costs to support yourself minus the non-essential expenditures.
Track your expenses
Keeping a visual reference of where your money goes can help you control your spending habits. You can also use a budgeting app to back you up.
Always remember that you should only spend below your means.
6 months’ worth of emergency fund
Aim to have an emergency fund, some are ok with 3 months’ worth but it’ll be safer if you’ll have more than that.
The fund should be enough to sustain your half a year’s needs.
If time comes that your job is in a crucial phase, or an unexpected situation came,
your family is somehow far from the anxiety of not overcoming the circumstances.
Create multiple sources of income
It is advisable that you shouldn’t rely in just one source of income, with that being said, I’ll give you some options that you can consider having:
- Invest in stock market
- Index fund
- Affiliate marketing and generate sales
- Turn your hobbies into an delightful way to earn money on the side
- Become an online seller
These allows you to attain a greater financial stability and security in the long run.
Plan your income using the 50/30/20 rule
50% for your needs, monthly essentials and expenses
30% for your personal wants, reward for yourself or family members
Don’t hesitate to treat yourself occasionally to something that gives you thrill and excitement.
and
20% for savings or financial goals
When your vision for financial stability is crystal clear,
working towards your goals is easy.
Do you find this helpful?
Let me know your thoughts!
Your Witty Writer 