Let your money grow know how to save | DebtsOn June 28, 2019 by James Pride
It is good to project ourselves and imagine ourselves free from economic worries. The idea motivates us to save , free ourselves of debts and even invest in our own business.
Making your money grow is not impossible. You can start with a savings strategy . On this note I want to show you how to save money .
Learn to make a budget
With a budget saving is possible. How? Because you will be able to know how much money you need per month for main expenses. For example, if you earn 1,500 soles per month and between food, electricity, water, you spend 1,000 soles, you know that you have 500 soles left to “play”.
Of those 500 soles it would be ideal to separate a percentage for variable expenses and another for savings. If you decide to save 20% of your monthly salary, that is 300 soles, you have a surplus of 200 soles for variable expenses. So you can use this extra money to please yourself or maybe for some unforeseen expense. If you meet the goal you could save up to 3,600 soles per year. And this money could be much more if you earn extra money in that period. Do you see how useful a budget is?
Save by buying
It may take a little longer to compare prices, but you can save money if you do. How? Well imagine that of those 1,000 for necessary expenses 500 are for the meal of the month.
Of those 500 soles you get a 10% savings by buying the planned supplies on offer, then you would have 50 more soles for your variable expenses or savings. Great, right? Even with departmental cards you can save, sometimes, an additional 10%.
Don’t generate more debts
If you have no debts to date, leave it that way. If you have them, it’s time to stop your hand, pay them and stop generating them. One way to avoid having unnecessary debts is to forget your credit card at home every time you leave.
Reduce unnecessary expenses
At home there are expenses that can be reduced. For example, we can save water and electricity by repairing faults in connection, leaking pipes, etc. We can also reduce electricity consumption by turning off the devices when they are not used or by saving energy sources. The money saved in these expenses will go directly to your savings fund and do not forget your emergency savings.
Sell what you don’t use
Selling what you don’t use is a way to generate extra income. Don’t wait to need the money to sell. When you sell something you don’t use, you not only earn money, but also the space that the object occupied unnecessarily. The money will go directly to your savings account.
Open a savings account
Opening a savings account, especially if it is a fixed term one, will help you with your savings commitment. Why? Because that way you will not touch the money until the deadline you have planned. In addition the account will generate interest so you can see your money grow.
Here are some tips that will help you save. Follow them and it will help to have a stable economy. In addition, if for some reason you lose your job, you will have a fund to support you until you find a new job, if necessary, although for this purpose an emergency fund is better.