7 Tips On How To Save More Money

Saving money is a good habit and should be practiced from young age because it is very important to everybody. We should save money for emergency crisis.

Unexpected and emergency expenditure expenses can come in many ways in one’s life such as a sudden hospitalization, a job loss, an accident and any other.

Financial crisis can happen in anytime. Hence, saving for any emergency can give the much needed and required help to overcome such crisis.

Most importantly, we need not depend or search for some other supports, which may at times not turn up when you require the most.

However, in this modern time people may have hard time to save because of their lifestyle. Unfortunately, most of the time salary is enough for our daily expenses and needs and that is the reason why people cannot save at all.

But it is actually a matter on how to manage your salary, so we are going to share to you the 7 tips on how to save more money. Check down the list below:

1. Calculate and Estimate
The usual method on how to calculate our salary, saving and expenses goes like this:

SALARY-EXPENSES = SAVINGS

But this practice or method is the usual mistakes of all, we should avoid this.

Instead we should follow this formula below:

SALARY – SAVINGS = EXPENSES

“Save Before Spend” this rule should be follow always if you really determine to save money.

2. Know how to Allocate

Allocate 20% of your salary for the savings and learn how to live up to 80% of your salary as much as you can. Make a budget for the remaining 80% of your salary. Make some time to write all your expenses including small items such as for fuel or daily transportation fare or even small expenses like snacks expenses.

3. Cost cutting

After allocating then eventually you have your list of all your expenses. So now learn how to cut down those expenses unnecessary such as soft drinks, desserts, snacks, and spend little on buying cell phone load. Because if you sum up this small cost it will end up to high total too. So instead of buying those unnecessary stuffs better to put on your savings.

4. Deposit Immediately

In order to avoid temptation on spending, make sure that the whole 20% of your salary should be deposited in a bank or cooperative. Your money will not grow bigger as fast but still you can keep it for your future use.

5. Save for a Purpose

Why you need to save? There are many reasons why we should save, it is essential to know the purpose or the intent of the money you save. Is it for emergency? Education for your children? For your dream house? Or is it for your retirement? This are the purposes to motivate yourself to save.

6. Make Separate Account

As much as possible, it is better if your money will be deposited in a separate bank account. In this way, you will not have confusion for budgeting from your savings.

7. Always Go Back to the basic

As long as you are determine to save, make sure that in every salary just repeat the processed mention above in order you to increase you money and save more!
7 Tips On How To Save More Money  7 Tips On How To Save More Money Reviewed by Admiin Artikulo on January 27, 2019 Rating: 5
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