One of the Best Savings Advice
So, today we will talk about One of the best savings advice.
This is a very important aspect of Money and if you have decided to read this article, I assume that you understood the importance of Saving Money.
Now, as you know Saving and Investing your Money in the right place (for you) is the most common way for anyone to achieve their Financial Freedom. And as you must have seen that our blog is all about Earning, Saving and Investing Money.
Without further ado, let’s jump into the topic of How to Save.
Cut some percentage of your paycheck before you even start spending, and put that chunk of Money aside as if you never had got that money in the first place.
This is by far the best trick to make yourself, force to Save money when you don’t have a Habit of Savings.
Look most people in this world, do the above-said thing in the exact opposite manner.
They first spend on whatever they want and then save whatever is left behind, if there is any left behind money.
Most of the cases, they are left with nothing at the end of the month and thus convince themselves that they never had the money to save. But in reality, they had the money but they used it, consciously or unconsciously.
It is very difficult for people to change their spending habit radically.
For example, if you are the kind of person who is just fond of Food. Whenever you have the money you feel like giving yourself an opportunity to have a nice dinner at a restaurant. And this goes on until you actually don’t have much left to spend on those things.
Then comes your bills and other necessities and what is left after all these “expenses” is Nothing.
I believe at least some can really relate to the story.
It is is not their fault, and it is also okay to do stuff to make yourself and others happy but it hurts your Financial condition.
You end up living paycheck to paycheck which not only stops you from attaining financial Freedom but also Peace of Mind.
So, my advice is to Save Before you Spend.
Take an example, Let’s say, you are making $1000 as a paycheck on a weekly basis.
And now, you have decided that you will save around 10-15% of your income.
So, if we go with 10%, which is small I know but still better than nothing. 10% of $1000 dollar per week makes a $100 Savings per week.
And what you do is, before even cashing out, you transfer that $100 every week to a separate savings account may be, or a piggy bank who knows.
And the rest, $900 you are just taking as you used to do. Now, as you have only $900 left, you will subconsciously spend within that spectrum only ( if only you don’t go for debt ) instead of spending like you have $1000.
This actually is a very effective method to save consistently.
Moreover, think about the $100 you are saving each week. Let’s do the math.
After 1 month, it will be $400. After 6 months it will be $2400. And after 12 months it will be $5200.
This way it will grow every year. And, $5200 a year is not less when you were saving very little to none before. Moreover, we haven’t even considered the money can be earned through Interest on the Saved Money.
And image if you have saved 15% or 20%, it would have just changed your Life.
This really makes a lot of sense in the long term and can actually make your Financially Free.
This is one of the best savings advice for anyone to save money and I think you should also give it a try.
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