Savings is important for everyone, regardless of their income, spending habits, or stage of life. And since 31 October is World Savings day, here are some ways to help you with savings:
Consider recording and keeping track of your monthly expenses. This will provide you with a clear view of your spending habits. You may then identify the not-important things and attempt to save more money by avoiding them.
Now you’re familiar with your spending habits, create a structured monthly budget. You can make a plan to save money and set spending limitations at the start of the month. This allows you to focus on what's essential, decreases the risk of overspending, and allows you to save according to your budget.
Setting a goal is one of the most effective strategies to save money. Begin by considering your savings goals. Perhaps you're getting married, taking a vacation, or preparing for retirement. Then calculate how much money you'll require and how long you'll need to save it.
TIP: Set a small, short-term goal for something exciting that you aren't likely to have the financial means for, such as a new bag or Birthday gifts. Reaching smaller goals and enjoying the reward you've been saving for, can provide a psychological boost that makes saving more apparent and maintains the habit.
It's also important to see your money grow over time when you save. Investing in a long-term investment plan can provide a number of additional benefits. These plans pay a high rate of interest, allowing you to keep your money's value and fight inflation.
written by:Manar Alotaibi
Comments