5 Steps To Saving Successfully

by - Tuesday, October 25, 2016

Money won’t save itself if you keep telling yourself to start saving it tomorrow. Let’s begin today!

I'm not really a religious saver, I fail most of the time. But slowly, through the help of successful people and through reading financial literacy blogs, I'm on my way. So together, let's motivate and remind each other by considering these steps:

1. Live below your means – Cut your expenses. Save first and spend what is left. That's the rule. If you live below your means, you will always be putting money into savings because that's what you do with money you don't spend.

2. Find happiness in saving as much as you do in spending– if you find yourself happy and content with buying trendy clothes or gadgets, why not be happy seeing your bank account or your investment grow? Clothes and gadgets will be out of style after few months, but your money in the bank will always be there to rescue you when emergency arises.

3. Differentiate Want and Need. Need-something you have to have. Want-something you would like to have. You need clothes but you don’t need branded ones. You need a phone, but you don't necessarily have to own a high-end one. Cut little expenses but do not deprive yourself from enjoying the good things in life. Have a sense of balance.

4. Avoid Impulse Buys - Spur of the moment decision to buy destroys your budget. These sudden purchases, such as unnecessary clothing or electronics, eat away your bank account and throw off your saving progress. The best thing to do is to avoid going to places that triggers impulse buying.   

5. Set a Deadline - A dream written down with a date becomes a goal. Defining a clear deadline helps you track your progress and act accordingly if you’re ahead or behind your goal.

Always remember: It's not about how much money you make, It's how you save it!

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