2 important ways to develop a good saving plans

[Sotherefore]

Saving is a very important plans for so many people. A lot of people are still struggling on how they can save their earning even when there are so many responsibilities to do . Base on this I have brought out two important stretegy that could make savings easier even with it seems difficult which is as follows.

1) Stick to your savings plans: Anyone that is really interested to save his or her money must first of all have a saving plan and be discipline to stick to the saving plan as much as possible . You have to break down your earnings into a different categories depending on their uses. After this is being done you can take out your feeding expenses and others.. Then you should try as much as possible to save the remainings. Do not use it for anything that won't add value to your life.

One of the most important reason why people are not able to save their money is because they use their saving funds on things that won't really add anything to their futures which includes drinking, smoking , gambling and spending on things are won't move you one step ahead in life .

2) Identify what you unnecessary spend your money on : This is another important factors that should not be overlooked. Normally when you are able to detect a traps, it automatically loses its effect over you as you won't likely fall for it.

If we can identify things that are consuming our savings then it is also our responsibility is to try as much as possible to stop spending on such , Most especially when these things do not contribute to our progress in life..

 

[Jasz]

When you can't afford a new pair of shoes or you get hit with an unexpected expense, it can be easy to dip into your savings account without thinking about it.

But if you keep taking money out of your savings account, how will you ever reach your financial goals?

Here are some tips for developing your savings plan:

1. Start small—and automate!

Instead of waiting until there's a big amount in your checking account and then moving all the extra money over at once, start with something small every week or month. You might decide to put 1-2% of your salary into savings every month, or perhaps $5-$10 every week, no matter what. Setting up automatic transfers like this makes it easy to build up your savings without having to think about it.

2. Treat your savings like a bill you have to pay

If you're used to paying bills on the first Friday of the month, consider putting aside money for your savings on that day (or any day) too. The more frequently you make deposits into your savings account, the less likely you are to forget about them altogether—and because they'll

Automate your savings
3.Automating your savings makes it easier for you to save money, and it will also make it more likely for you to continue saving money. Automating your savings allows you to spend less mental energy thinking about your savings and how much you are able to put aside, which means less stress and more money saved. The best method of automating your savings is through an automated investment. You can try this and watch it work out for you.

 

[sincerem]

When I am fully out for saving, I do it having long terms, and not just saving to take it any time, No. Saving should go together with plans too, what are you saving for should be the question you ask yourself. Because I wouldn't just save without reasons for saving money, such will always make me to tamper the money which I am saving, because I have no saving purpose or direction. I can decide to save for emergencies in the future, but it isn't the real priority for savings or investment for me. So, it will always make me to pull out my money any time because I'll feel that, my life wouldn't be subjected to risk all alone. But if I am saving to start up my dream business in the future, such will push me very hard to save with more determination and cultivating self discipline to save without tampering my saving funds. Because, I know what it truly means for me, sure.

 

[Mika]

Here is my saving strategy that has worked for me, and I believe this will work for anyone who wants to start saving.
One of the mistakes that I see a lot of people making these days is they save the amount that is left on their hands after paying their bills. If you use this strategy, you may not be able to build savings. You need to first deduct 5-10 percent from your income and save this amount in a normal savings bank account. If you do this regularly every time you receive a paycheck, you will be able to build some savings in 10-12 months. Once you have a substantial amount, you can start saving money in the fixed deposit bank account.

 

[Augusta]

Well stated. The truth is that no matter how we want to argue it saving for the rainy day is very important. you can't just keep getting money and spending them all you would wake up one day and realized that you are totally broke with no remedy. Life happens at times and you need money to solve urgent need and you don't have money for it. so as you have stated it is always important to first find out your needs and luxuries. Focus more on entertaining your needs and save the rest. This is not to say you can splurge a little but make sure it is your extra money and it isn't from the one you have saved already.

 

[funmi]

Saving is one of the key thing that we can do at a time like this to help us in either funding our personal business or to either take care of our bills that may arise in the future. We save so as to be able to survive on the day where we may enter some financial stress and when life may throw jabs at us. We live in dangerous times and without having a solid saving structure one may find it difficult to cope with the financial situation. But on a more lighter note, for us to save successful first we must have a target of how much we really want to save. Another thing is to have a plan this is what will motive us to keep on saving even in the face of challenges that may arise and that may want to deter us from saving. So having this two as a point of reference will help to build a saving culture in one. But the only challenge I have today with saving is that the money that comes in is not sufficient enough to take care of my basic needs, hence saving becomes very difficult .

 

[Kendy]

Pragmatically, saving money is one of the hardest thing to do. It requires a level of determination and some practical step towards it. For me, the first way of developing a saving plan is by having a target. For instance, if I do not have a target, I would find it needles to save money but if I have a target to pay my house rent, pay my electricity bill and pay my school fees, then I would be conscious on the need to save. However, there are still people with loads of responsibilities still they find it very hard to have a set goal. When once you have ascertained your target, then the next step is to devise a saving plan.


The act of saving money in the bank might not be helpful because you can still have access to the money anytime but I would suggest either saving the money in a fixed deposit account or a treasury bill account. Either ways, it would be profitable a bit due to the little interest rate. Another step to saving would be to invest. Yes, investment is one practical way of saving money. Purchasing of crypto coins is part of a good saving olan.