How to start saving money

So, you are here means you are currently making some dough and you realized that you would like to save some money for a rainy day, or you would like to start putting some money away for retirement, or to start a side business, well you have come to the right place. Below I explain simple yet effective ways to save money. 

Before you start saving it is best to set a goal of why you are saving, is it to go on a holiday? Or is it to travel to the Bahamas, maybe you want to use the money for a down payment on a fancy home or perhaps use it to buy a new gaming laptop, this goal is important because this will motivate you and remind you why you are saving. 

Goal

Great so let’s move on to the next step. One of the most well know ways that still hold strong till today is to put aside 10 percent of all that you earn, so basically that means if you earn 1000 dollars a month you should be putting away 10 percent of 1000 dollars which equals 100 dollars every month. If you can afford to put out more than 10 percent then that’s great, just don’t overdo it otherwise you might land up going back for those savings by the mid of next month and that’s the last thing you want to do is run through you hard earned money. 

Piggy bank savings

Continue saving and by the end of the year you will have a great track record and you will have successfully saved some money. 

To make your life even easier you can automate the process by creating a debit order on your bank account, meaning that when you get paid from your job or business, a portion of your money goes into a savings account on its own, freeing up your time to focus on other things. 

Saving money over time

Saving money not only helps you get extra money but also builds your patience and reduces your need for impulse buying. You get to build self-control leading to wiser decision making. 

Great, now go out there, work hard, work smart, and save well and in time you will be shocked with the results. Thank you for reading and I hoped you learnt something new. Don’t forget to have a look at my other blogs below to learn more. 

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