How to increase your savings

Not as difficult as it sounds

There´s a time in your life when you realize you have no control over your money. You can´t tell what are your expenses and have no idea how to start saving as an habit and not just a random action that will fail in a couple of days. Luckily I have always been a saver since ever and I was able to study abroad among other things thanks to this skill. There fore, with willingness and my advice, you won´t be afraid of bankruptcy anymore.

moneyKnow your spendings and your income

Sum your basic needs expenses (groceries, Netflix, rent,etc) in a month and since you are a human being that needs to hang out and enjoy life, assign a percentage of that outcome. It doesn´t matter the amount of money, what matters is the long term result of your effort.

 

Have the right tools

A simple sheet of paper and a pen should be enough, but if you want to go a step further and be your own counter, then start using Excel formulas or apps like Mint that helps you having a better administration of your bank accounts, transactions, cutoff dates, etc.

Have a savings account

Take your savings into a bank, make transactions from the income account online and don´t touch a single penny. Experience has told me not to trust completely in the saving pig or as many say in Mexico “Under the mattress savings”. Having available cash around you is not a good idea, specially if you have siblings.

When you are against the clocksave.jpg

The most challenging way to save money is when you need time investment (when you have a limited time to buy what you need). This happens with concert tickets, hotel reservations, limited edition stuff and sales. Here the dynamic changes into saving all the outcome of your expenses, borrow from your parents, doing extra work and putting into practice your planning skills before time runs out.

ALWAYS SAVE.

The Golden Rule. Don´t take action only when you want something. The best of always taking care of your money is empowering your future. It will help you from emergencies, make you  reach goals more easily (like getting your concert tickets) and make you a more financially stable person.

 

Extra Advice: Save the dollars and expend the pennies!!! Most people don´t care about it, but psychologically it will make a huge difference gathering change and using it instead of bills.

 

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