Here you will find 5 tips so you can save money successfully
Coins coming out of a jar. / Reference image / Unsplash
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Why is it so difficult to save money? Many of us have asked ourselves this question after not having achieved our goal of saving part of our income. Saving is a habit that is not always easy to carry out, but that can save us in a time of financial crisis or that can help us achieve our goals.
Either because the money is not enough for us, we have debts, or we simply do not allocate part of our income to this activity, saving can become a titanic task. But you should know that it is not impossible to achieve it. Here, we give you 5 tips so you can establish stable and long-term mechanisms.
1. Set goals and priorities: when you start saving, you should be clear about what you plan to invest the money you are going to save. According to Seguros Colpatria, when establishing an order of priority to fulfill your dreams (such as paying for your children's university, going on vacation, buying a car, etc.) as well as a deadline to achieve them, you can better plan how to get them. For this you can keep a monthly budget of the amount you must allocate and for which goal you will save it. You can use apps that help you keep track of your money and consciously budget your income and expenses.
2. Above all, be realistic: impose savings goals that we cannot meet, for the eagerness to save money and achieve our goals, will discourage us and make us quickly lose our goal. Study your finances and expenses well, analyze where you can make cuts (especially in unnecessary payments) and set a reasonable percentage of the money you will save. Experts recommend that at least 10% of the income be allocated to this item, but if you cannot meet this amount you can draw up a plan in which the number increases from time to time.
3. Do not think about saving the money you "don't need": the Personal Finance portal highlights that many times we fail to save because we think we should save the money we have left over. However, believing that money is left over will make us spend more and will prevent us from actually saving. That is why when making your monthly budget you should allocate a percentage of your income to savings as if it were a financial obligation that you must pay. This way you will avoid spending that percentage on purchases or payments.
4. Look for options that help your capital growing: saving with a piggy bank or keeping money under the mattress are popular measures that many of us have used. However, as Personal Finance emphasizes, these are short-term methods that offer no economic benefit. If what you want is to achieve progressive savings that can also grow independently, you can check the products offered by banks. Compare different options and choose the one that best suits what you are looking for.
5. Avoid debts: the market has a wide variety of sales, discounts and countless attractive products that many of us think we should buy. In fact, seeing the prices lowered, most of us fall into temptation and end up acquiring things that we didn't really need. The truth is that we do not need another television, nor that new jacket. In addition to buying items that we did not require, it may happen that we acquire them by credit card. This will mean that we have to devote most of our income to the payment of debts and not to savings. Avoid buying what you don't need and try not to use credits for which you will end up paying more than the bill.