Do you agree with the title?
Well, I somehow agree and somehow not. But I think this would be best applicable for those people who has a stable job, but still can’t succeed in having financial freedom and satisfying life.
Most people think that saving is all about keeping money in a safe place, but if you will take a deeper look on the process of saving money, you’ll realize that saving money is all about managing your money wisely. It’s true that saving is keeping but it’s not all about keeping. So therefore, for you to be able to save you just don’t keep your money. What you need is to have your own way or process on how you do it.
Once you’re able to make your ways to save every time, you’ll see the difference of how your life works prior to doing all of that. You’ll one day realize that you’re already successful with your current job and you’re satisfied with your life. But of course, there’s nothing wrong with wanting more than what you have, but even though there’s something more that you want it is still important to save up.
There are several tips on how you can save and I want to share it with you guys. But first, ask yourself why you are being unable to save. There’s no need to ask why you need to save because you should do it without a reason. Now once you find out why to try to figure out by yourself how to address it.
Based on my observation from my self and other co workers The main problem why we can’t save are debts, loans and over spending. I’m sure those are the most reasons for other people too.
You need to set up a list of things that you need to pay based on its priority. Usually, Paying bills or debts are the first things you need to pay. Don’t wait for the due dates or don’t go beyond your due, so you won’t need to pay extra for late fees. If you can’t pay the whole bill in one go, try to make it as installments (but not Monthly Installments). Pay it every week or whenever you can as long as it won’t be past due.
Going for groceries? Make a list of that is according to its priority. Don’t get unnecessary stuff that is not on your list. It would be best not to bring the kids so no one would ask for things that are not on your list.
2. Say no to debts or maybe throw away your credit cards!
For some people, a credit card is for convenience, but only if you know how to control. For me, a credit card is a temptation. It leads you into buying stuff that is not a need, but just wants and at the same time, it asks you to use it even without cash.
After using it you’ll definitely say that “I’ll pay it on pay day”. But what if you were robbed after getting your paycheck or some sort of emergency happened.
What do you think will be the next thing may happen? Of course, you’ll be unable to pay for the Credit Card Statement and you will have to pay for the interest once it’s past due. Then you might use the credit card again for Cash Advance (which has higher interest) or maybe borrow money from someone since you’ve got nothing left.
Though the instances I cited doesn’t usually happen, it may still happen any time and what we need to do is to expect the unexpected. That is something that you may need to remember too. The best way to spend is when you have the money or maybe save up for it.
3. Think Big!
I said earlier that saving up can be done without any reason. But having a reason may motivate you in a way. So thinking big can help you in save effectively. In buying groceries you can save more money by buying bigger packages. It has a lesser price if you’ll calculate the retail size and price and at the same time, bigger packs may last longer. In buying gadgets you want an iPhone or Nexus but your money is just for the 16GB versions. Why not save for 64GB or wait for the next release that may be better. Save up and get it before others do, even it’s expensive, at least you have already prepared for it. Instead of aiming for a bigger or better apartment, why not save for getting your own house. Some can be rent-to-own, all you need to save for is the down payment, There are so many things that you may get when you save so you have to think big.
4. Open a separate bank account or get a classic piggy bank.
Start opening a separate bank account. It should not be enrolled in your online account to avoid transferring balances. Open a passbook instead of ATM or Debit Accounts to avoid withdrawals and purchase using a debit card. Set up an auto transfer from your personal or payroll account to your separate bank account. If you can’t make sure you set a specific deposit amount at least every week. There are many deposit machines nowadays, use them instead of going to a teller because you might be attempted on withdrawing some money once your passbook has been updated. Might as well write down your deposits and keep your receipt so that if you prefer to update your passbook rarely you have documentation of all your deposits. That may help you if you have missing balances.
For those people who can’t open a bank account, I suggest you to buy the most expensive breakable coin bank. Don’t use plastic or cardboard made coin banks. Why the most expensive? Because it may help you not to break it immediately. Of course, if it’s expensive you may not want to break it. Use paper money instead of coins. You’ll get higher savings with money than coins. 🙂
5. Commit to it!
Nothing more to explain about this one I guess.
Hope everyone was able to learn something here. It’s your choice to follow what you want to do. This is a guide that may help you, but you can explore thing that would be more effective for you. Always take note that you’re the only one who can help yourself.
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