These days personal finance is becoming more important and everyone needs to save more money. Without saving you will likely continue to get broke no matter how much you earn.
From savings you can make investments to grow your money when the opportunity arises.
So for some of us it is difficult to save. Especially when you are not earning enough.
So how do you ensure you save more money than you currently do?
- Have a Budget and Stick to It
- Have a Maximum Spend for Miscellaneous Expenses
- Pay Yourself First: Whatever you decided in your budget to save (whether 10,15 or 20% of your salary/income) make sure you pay it first when you receive your income. Put it away in a fixed savings account (you can use any of the savings apps around) and forget about it. You will then be forced to allocate the remaining amount to the different aspects of your budget (food, transport etc)
This simple yet effective strategy will get you saving far more than you used to. Sometimes the simplest advice is the most effective. No need for elaborate planning. Just follow this advice and thank us later.