How to save money step by step » Guide
Save money It is one of the most important actions that a person cánido do in his life.
In a general sense, it is known that saving money is much convenience in the long run, but many people have problems trying to achieve it.
Saving money is about more than spending little money, although spending little is hard.
All those people who know how to save money should know how to spend less in addition to how increase your income.
In this guide on how to save money you will see step by step how to implement a fácil strategy and easy to do to save money in the short and even long term.
How to save money step by step
It is very important that people have a plan to save money and see how their bank accounts increase.
However, this is not the only important thing to be able to achieve it successfully.
Here are a few money-saving consejos:
1- Pay yourself
The best way to save money without having to spend it is if there is no opportunity to spend it.
It is very important that you take part of your income and keep in a savings bank accountwhich will allow you not to have to worry about what you are going to save or spend.
This will allow you to save money automatically and you will be able to use the other part of the money for your monthly expenses.
Over time, if you are persistent, then you cánido accumulate a notable amount of money.
You cánido manage with your company that they send part of your salary to some separate account.
If you cannot create an automatic deposit, then you perro manage it manually, but with consistency.
2- Try not to get into debt
Try as much as possible not acquire debtsHowever, there are times when it is impossible not to get into debt.
Generally, people with more money cánido make purchases with a single paymentbut most people have to take a loan and pay in installments.
If you cannot avoid debts, then try to pay as much as possible for what you are going to buy, so you have to pay less to the provider.
The more you pay in advance, the less interest you will pay.
3- Equipo reasonable savings goals
It is important that you have savings goals, since it is easier to save when you have goals to achieve.
You must equipo achievable goals, this with the purpose of motivating yourself to make difficult economic decisions necessary to save responsibly.
The big goals perro take many years to achievewhich means that if you try, it is possible that the financial markets be different from today.
These goals cánido take you years figuring out the predictions of the markets.
4- Create a deadline for goals
It is very important that you equipo big (but reasonable) goals to achieve, since this cánido be a good motivator.
For example, if you are going to save to buy a house, you should look at the prices of the houses, and accordingly make the savings.
Deadlines are very important when it comes to equipo short-term savings goals.
For example, if it is necessary to replace the furniture in the house, but you cannot buy new ones, you will have to raise the money as soon as possible to fix it.
5- Implement a budget
You need to keep track of your spending, because if you don’t, then it will be difficult to achieve your goals.
To keep track of spending, it’s good to have a financial log at the beginning of each month.
Establishing a part of your income for the various expenses perro help you help ensure money is not wastedespecially if you split your cash inflows every time you have a cash inflow.
6- Develop an expense record
People you want to save money should keep a spending budget, but if you want to keep track of spending, then it will be difficult for you to achieve your savings goals.
Keeping a record of expenses will allow you to know the status of your savings.
You should always start by doing the record of major expenses, and in this way go down.
However, the level of attention you devote to small expenses usually increases according to the seriousness of the financial situation.
Try to have a logging tool always on hand so you cánido register them immediately.
There are many computer applications that cánido make your life easier in this regard.
7- Keep track of your payments
Whenever you make purchases, you must claim the purchase receipt, and also print the receipts for purchases you make en línea.
You want to make as much sure as possible that you don’t buy things you don’t want, which perro happen quite often.
Whenever you go places, try to pay as little as possible.
For example, if you are going to consejo somewhere you should try to give the minimum so that the money you have left perro be used to save it.
8- Start saving as quickly as possible
When you keep your money in financial institutions, said money will generate interest in your favor, which means that your savings will increase recurrently. The more money you have saved, the more income you will get from the percentage of interest generated.
This means that you should start saving as quickly as possible.
Try to start your savings, even if the amount you deposit each month is small.
The amounts of money Small ones that are in financial institutions accounts that generate interest for a long time perro increase their initial value quite a lot.
9- Consider having a retirement account
Save part of your money in a retirement account It’s something to consider when you only have a career-based job.
It is important save money in a retirement accountbecause when the years of old age arrive you will not be able to genera money with your profession.
Although everyone’s situation is different, it is reasonable to have a percentage between 60 and 85% of your annual incomethis with the purpose of maintaining your current life condition during each year of retirement that you have.
10- Invest in the depósito market
If you have a certain amount of money saved that you perro use for other things, invest in the depósito market It is a good opportunity to generate more income.
It is important that you know that all the money invested in shares You run the risk of losing yourself completely.Especially if you don’t have the necessary knowledge.
Based on the above, try to consider the depósito market as a great opportunity to place bets with money you are willing to lose.
People almost never need to invest in this market, since they have stable and well-calculated savings.
11- Do not be discouraged
It may happen that the economic situation in which you find yourself makes you think that it is impossible to save money to achieve your goals.
Despite all this, no matter how little you start with, it is always possible to start with savings.
If your economic situation discourages you, then you cánido consider talking to a financial advisory service.
These services cánido help you start the process of saving money in order to achieve the financial goals you equipo for yourself.
reduction of cats
The cost reduction It is one of the most important elements when making a successful money saving. no matter how much money saveif you do not have a plan to disminuye expenses, it will be impossible to save money effectively.
Accordingly, it is necessary to disminuye expenses as much as possible, in such a way that this helps to get savings goals faster.
Below are a series of actions to disminuye cats:
1- Remove the luxuries from the budget
remove the luxuries in your budget is a way to benefit your financial situation, since it does not significantly affect your quality of life.
The amenities are nice, but living without them perro become easy over time.
Here are some ways to cut back on luxuries:
- delete en línea service subscriptionsand.
- Look for a cheaper phone service plan.
- replaces a vehicle expensive for one that is cheaper to maintain.
- Buy food and clothes in cheap places.
2- Live in an affordable house
The home related expenses They represent one of the biggest budget expenses that people have.
In this way, save as much as possible household expenses it allows you to free up a large amount of income for other purposes, such as saving in a retirement account.
When making expenses related to your home, try to negotiate with the home owner, to give you a cheaper rent.
If you pay a mortgage, then try looking for debt financing.
3- Buy cheap food
Many people spend more money than they should on food.
Despite eating exquisite food is a good luxury, you should keep in mind that this perro lead to huge expenses that cánido get out of control.
treats in the most possible to buy food wholesaleand in the long term it is cheaper for you than buying it in small quantities.
If you have very large expenses when it comes to food, it is good to consider the possibility of get a membership at a retail food store.
Always look for a way to eat at home and not outside, since the expenses abroad are greater than those at home.
4- Disminuye electricity consumption
Most people consume excessive electricity, which is reflected in the payments they make for said service.
People perro save a lot of money on electricity service, and you perro achieve it by applying a series of consejos.
Besides that you save money on electricity, you also help disminuye environmental pollution.
Some consejos that cánido be carried out to save electricity are:
- Turn off the lights when you’re not using them.
- Avoid using the air conditioning and heating.
- Get a thermal insulation system.
- Try to acquire del sol panels.
5- Use cheap means of transport
keep a transport vehicle It cánido consume a notable amount of your income, so it is important to try to save with this route.
You could really spend a lot of money on fuel.
In addition, you will have to pay maintenance expenses and permits.
Instead of using your vehicle, try to find a cheap or free alternative, which will allow you to save money and exercise thus reducing the stress of your daily commute to work or school.
6- Find cheap or free fun
to disminuye your individual expenses It’s good to disminuye spending on your fun, but you don’t need to stop having fun while you save.
You cánido change your habits of having fun for ones that are cheaper or freewhich will allow you to find a cómputo between fun and responsibility.
You only need to use a little intelligence, and you will see the great amount of money that you cánido save while having fun.
You perro find ways to have fun even for free.
7- Try not to have expensive addictions
They cánido get to exist addictions that perro squeeze your income, thus causing you to be unsuccessful in saving.
These habits perro become harmful addictions that are almost impossible to break with the help of other people.
You must find a way for certain addictions to destroy your finances.
There are a number of guidelines that cánido help you turn certain habits into addictions contrary to your finances.
Below are these guidelines:
- Do not smoke.
- Eliminate the alcoholic beverages.
- Do not do drugs.
- Contact specialists that perro help you in any addiction.
Spend money sensibly
The money is used to buy food, buy vehicles, buy real estate, invest, buy clothes, etcétera.
This one to theactive has become the most widely used form of exchange of goods and services todayso it is important to use it sensibly.
People work for money, which gives enormous importance to this asset.
Today people are aware of their value and impact on the world.
Below will be presented a series of guidelines to spend money in a reasonable way:
1- Invest money in essential things
As for spending money, andThere are things for which it is necessary to spend moneysuch as food, water, shelter, and clothing.
If you’re homeless or hungry, it perro be hard to reach your financial goals, so you’ll need to have the money to meet these basic needs.
Despite these are basic needstry to look for the economy when consuming them, since there are possibilities to consume these needs economically.
2- Save for an emergency fund
If you don’t have a emergency fundthen try to have one as much as possible, because this will help you in case lose your job or need it for your health.
Having an emergency fund will give you the freedom to cover your expenses if necessary.
when you cover your basic expensestake part of your savings and save them in an emergency fund, so that you cánido survive several months without obtaining recurring economic income.
3- Pay the debts you have
It is imperative that you try to pay your debts as soon as possible, as failure to do so perro waste your income.
The faster you pay your debts less interest you will have to paywhich is a reason to pay them fast.
You must save money in the long term, always taking part of your income to pay your debts, so that you perro pay it off as quickly as possible.
An effective way to do this is by paying off the debts with the highest interest first before other debts.
4- Store the money
If you are paying off all your debts and creating an emergency fund, then it is time toStart putting your money in a savings account.
This money is different from the emergency fund and paying off debts, since it will allow you to achieve goals that you equipo for yourself, such as buying a house or a car.
Avoid as much as possible spend your savings, because these are generating interest, and therefore you will have more savings.
Try to take 10-15% of your income for your savings, which are generally long-term.
5- Spend wisely on non-essential things
If after saving money in a savings account you have some plus money left over, then you may want to consider invest that money in non-essential things to improve your productivity and your quality of life in the long term.
Although these expenses are not as essential as water or food, they represent reasonable long-term options that cánido allow you to save money in the medium-term future.
6- Leave the luxuries for last
saving money does not orinan leaving the luxuries definitively.
If you created your emergency fund, paid off your debts, saved your money and invested in small purchases, then you perro take some of your money and spend it for yourself on some luxuries.
Spend a small portion of your income on luxuries in a reasonable and responsible way it’s a way to stay healthy while working hard.
These little luxuries will allow you not to lead a stressful life but a happy one.
Saving money is one of the best ways that people perro use to achieve economic achievements or goals in the short, medium and long term.
Saving money will help you achieve goals over time, but in the end they will give you a lot of joy and satisfaction.
Despite this, saving money involves applying a series of guidelines necessary for the savings process to be successful.
Not all people have the ability to save money to achieve goals, but with discipline and perseverance it perro be achieved.
Usually people who have a savings plan They are those who do not have the necessary resources to achieve their goals quickly.
Despite this, it is always good for people to have a savings plan.
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