How to increase the way you save

[Setho]

There are some people who open saving funds for a wide variety of reasons. At the end of the day you are not going to completely blame them if they are not fully actualizing the reason why they opened the account because of just how hard the economic situation of the thing is .

1. Have a plan. There are some people who are just saving money just because some financial tips guy just told them that they should try as much as possible to receiving money monthly . Saving is a very good culture but then it is important that you should have a plan ahead like wanting to collect a house on mortgage or you are saving for personal emergency .

2. Spend judiciously. I am not going to advise that you should have a specific amount of money in which you are saving everyday or every month but then I am going to advise that if you have a plan ahead you should try to reduce your recurrent expenditure to the barest minimum . What is also advisable that you should not go out of your budget but instead you should save all the remaining money that is left out .

 

[Jasz]

Frankly, everyone knows that saving money is a good thing. But, most people don’t do it. The reason they don’t save is because they are not aware of how much they spend every day. You can improve the habit of saving money by tracking your expenses and identifying unnecessary costs. People who successfully save money track their expenses in some way or another. Some people use a notebook and pen to write down every expense, while others use an app on their phone or computer to keep track of where their money goes. This exercise makes you aware of where you spend the most money and allows you to

However, most people know that they should be saving money, but very few do. The reason for this is that people don’t also know where to start. The best way to get started is to automate your savings. 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.

 

[Kendy]

I think one of the best ways to increase the way we save is through; management of funds. There is no one who has not ft no matter how little the harsh economic realities but then, we would keep on striving to work hard and save money. It would be unrealistic to advise someone without any means of income to save money. Also, those who are working menial jobs or are underpaid would find it very difficult and tasking to save. The prices of goods and services are on the high side everyday yet our wages remains static in nature which is unrealistic. No matter how the scale of preference and opportunity cost is adopted, our needs would still supersede our earnings. Improvisation is one feasible way to help increase the way we stimulate our savings capabilities.

Again, having to place our needs on a scale of preference can stimulate our saving progress. Taking up some side hustles combined with our major sources of income is one way of making the habit of savings possible. Lastly, when funds are managed a d the individual knows how to discipline himself or herself, it would make the act of savings very possible.

 

[Abigael]

These are very good tips you have shared. Saving is a very important culture for people to build. It really helps one to stay financially stable and covers most financial emergencies that may come up in the future.

The pandemic situation must have taught so many people the importance of saving. This is be because many people were cought unaware and had many financial problems. Even businesses had to close down due to poor financial status. They had not saved enough for such emergencies.

That being said, it is important to learn how to save. Which takes so much self discipline. You need to make a mental decision that you want to start saving. Then start doing it. The more you save, the more you grow self discipline in this area.

One thing that helps you to stay disciplined in your saving is to have a savings account. Which will make it easier for you since you know where to put the money you want to save.

Also, planning on how much you want to save daily or monthly is really great. But don't be so rigid with that amount. Being flexible and just keeping up with the saving is the most important thing.

 

[Mika]

During my first year of employment, I did not save any money, I used my salary to buy gadgets, clothes, go the parties and clubs, etc. Since I was earning, I was doing everything that I could not do when I did not have an income source. In the second year, I started saving some money, I was not saving regularly but I did manage to save some money once in a while. By the time I had been working for a couple of years, I was saving 10-20 percent every month. I used my savings to invest in the share market and build emergency funds. Here are my favorite ways to save.
When you receive a salary, deduct 10-20 percent from your salary and save it in your interest-bearing bank accounts. After that, pay your outstanding loan (credit card bills for example) and other bills. Try to live the entire month with whatever is left on your hands. When you have been saving for a few months, use the funds to buy stocks and compound your money, or save infixed deposit bank account that gives you a better interest rate. Also, buy a term life insurance policy, this is one of the best ways to save money.