[Economics] 5 rules to start saving

[Wassim]

Saving should be a habit, even if it is a minimum amount of what is received per month to maintain a healthy economy.

Saving should be a habit, even if it is a minimum amount of what is received per month to maintain a healthy economy. Many times it is one of the New Year's promises, but over time it fades. It can be very difficult, but as long as a few rules are followed then the goal of saving can be accomplished.

1. Fixed amount per month
The fortnight arrives, all the debts are paid and the "savings" were forgotten because they were not enough. You shouldn't leave "what's left over" for the little pig, since generally there isn't much left over and there isn't even anything left over once all the debts are paid off, says Entrepreneur. For this reason, just as a fixed budget is allocated for basic services or for the cellular plan fee, the same system of setting a fortnightly amount to save must also be applied, and it does not necessarily have to be a high amount.

2. Long term
Setting medium and long-term goals is elementary. For example, if you save $25 a month now, it might seem like very little, but in twelve months the figure will have grown to $300 and then you will be able to buy that television or cell phone without having to acquire installment debt that could generate a lot of interest. The important thing is consistency.

3. Define a goal
Set realistic, purposeful goals. If saving isn't your thing or it's your first time saving, you can start with short-term goals of three to six months to see how you're doing. For example, the purchase of a bicycle or furniture for the house. Then you could go for higher goals and a longer term, such as the down payment of a vehicle or the payment of a master's degree. In this way, it will be possible to adapt and see if it will be able to comply.

4. Increase saving, not spending
A po[CENSORED]r phrase indicates that "the one who has the most money is not the one who earns the most, but the one who saves the best." And it can be true. For example, it is very common that when someone receives a salary increase, this person begins to spend more, but is it necessary?

Except for certain circumstances -such as health problems, for example- the best thing will be that when income improves, the ideal will be to allocate this extra money or a good part of it (50%) to savings. If before there was no need to order breakfast at home every day, now it won't be either. Even if you have a little more money a month, the best thing is to save that delivery and continue preparing breakfast at home.

5. Invest
Saving is a good way to keep your economy healthy, but investing is too. It is not enough to have your money in a common savings account, because there the interest will not be very high.

 

https://www.eluniverso.com/noticias/2020/06/10/nota/7868019/ahorro-reglas-paso-paso/