Many people think that because he has a small income, it is impossible to save, it is always not enough to meet his daily needs and the money will always run out at the end of the month and even a lot of income is not sufficient for his life. Many people try to save even though they only use used cans, biscuits but they always fail to save money, here are some common mistakes people often make in saving money:
1. Saving=Income -Expense
If you have to wait for the balance of Income minus Exprense it will always be zero at the end of the month. So the above formula should be reversed to Income-saving = expense. By taking the money first for saving, then you can spend the available money balance. Ideally the money taken to save is 10% -20% of your income, but if it is not possible you can reduce the number above.
2. Thinking, Small Income is impossible to save
Many people also think that because of their small income they deserve not to save, Never underestimate the habit of saving, even if only saving change in used cans, food, because besides we can improve good habits and discipline
3. No Targets and Reasons to Save
People who save must have a target for example to buy a house, motorbike, car or for old age and saving must also have a reason why they have to save.
4. Consumptive habits
Although it seems that only small daily expenses such as drinking coffee at a coffee shop, eating at a good restaurant, happy to shop, of course if you add up every month the value for money will look great. Another habit is to look for discounted items in online marketplaces, even though they look cheap but do you need the item.
To increase your income, of course you can look for other sources of income in your spare time such as joining Trendri forums, making snacks to sell or opening a coffee shop. To be not wasteful or consumptive we must always remember how difficult it is to earn and collect money so we must always save money. And finally, when is the right time to start saving?
The answer is now.
1. Saving=Income -Expense
If you have to wait for the balance of Income minus Exprense it will always be zero at the end of the month. So the above formula should be reversed to Income-saving = expense. By taking the money first for saving, then you can spend the available money balance. Ideally the money taken to save is 10% -20% of your income, but if it is not possible you can reduce the number above.
2. Thinking, Small Income is impossible to save
Many people also think that because of their small income they deserve not to save, Never underestimate the habit of saving, even if only saving change in used cans, food, because besides we can improve good habits and discipline
3. No Targets and Reasons to Save
People who save must have a target for example to buy a house, motorbike, car or for old age and saving must also have a reason why they have to save.
4. Consumptive habits
Although it seems that only small daily expenses such as drinking coffee at a coffee shop, eating at a good restaurant, happy to shop, of course if you add up every month the value for money will look great. Another habit is to look for discounted items in online marketplaces, even though they look cheap but do you need the item.
To increase your income, of course you can look for other sources of income in your spare time such as joining Trendri forums, making snacks to sell or opening a coffee shop. To be not wasteful or consumptive we must always remember how difficult it is to earn and collect money so we must always save money. And finally, when is the right time to start saving?
The answer is now.
