Of all the goals we have in life, one of the hardest to achieve is saving goals. With the travel goals, bills and temptations surrounding you, it is more difficult to get through savings. Sometimes, the hardest part of saving is getting started because you never know what to give up and which to sacrifice.
It is difficult to control your spending most especially when you have a lot of financial responsibilities to consider. You also have more wants than needs and other unnecessary spending that hinders you from saving, but with commitment and motivation you can definitely find ways to pursue your saving goals, and be more financially stable. Here are some tips on how you can slowly start saving as early as now.
The first step to your saving goals is to know how much you spend in a day- that includes every coffee and sandwich you buy, your fare going to and from work and the meals you eat snack time. You need to list all things you buy and spend to so you can account every cent. You can go about this in a week and after that, you can gather your data and categorize them accordingly. The purpose for doing this is to know where you pend the most so that you can make adjustments on your spending.
Whenever you are about to go in the market or grocery, make sure to make a list first on what you are going to buy to avoid overspending and buying unnecessary things. One of the reason why we find it hard to save is that we are easily distracted on the things that does not matter at all. When you make your list before buying the things you need, you can now adjust your budget and bring the amount that you only need. By that, you will not be tempted to buy things that are not in your list such as clothes, chocolates and other wants out of your needs.
We all have our own list of priorities what to buy during our payday and most of the time, it is more on the wants than just the needs. It is not bad to buy your wants but if it is way out of our budget, then that is not smart saving. You need to consider the fact that your wants can always wait until you will be able to get through your priorities. Your needs should always be on top of your wants so that you will have no regrets in the future.
It is always better to be sure than feel sorry in the end. When it comes to saving, the best way for you to know how much to spare in your daily spending is to set a target amount that you want to have by the end of the month. You can start by thinking of something that you want to have by the end of the year. By that, you can definitely think how much you would need to save in a month to buy what you want on that year and have an extra to put in your savings. You can also determine how much of your income can you put into savings when you set an amount to be saved for a month because by then you can divide your salary to your bills and needs and the extra can go to your savings and buying some of your wants.
Keeping a piggy bank is actually a fun way to save your money because it is artsy and you get the feel of excitement. Aside from the spare money that you deposit in your bank’s savings account, you can also keep a piggy bank to put your extra coins in a day or even paper bills if you have some. It is also challenging to keep a piggy bank because you will ever know how much you already saved and most of the time, you will be surprised that you actually saved more than you expected. You can also just create your own piggy bank with spare bottles at home and some paints. By that, you will feel the excitement of dropping your coins and guessing how much have savings you have inside that cute little piggy bank of yours.
You may not notice it but the amount you spend eating in fast foods can actually give you more savings that you expected. For example, if you buy a value meal amounting to one hundred pesos every day, you can already save three thousand pesos in a month and thirty six thousand pesos in a year. Just imagine how much you can save by just minimizing your spending on things that can be substituted by better options. Aside from saving, you can also get healthier so it is like hitting two birds in one stone.
In order for you to add more on your savings, you should also circulate your money by making investments. The return may not come as early as you expected but along the way, you will definitely benefit from it. The extra income you get from investments can add up to your projected savings at the end of the year and you will be surprised that you actually saved more than what you expected. Just make sure to be smart in choosing the investments that you want to get involved with so that you will not regret in the end. It is always better be safe than sorry.
Saving is actually a fun way to have a secured future. Being financially stable at an early age is not that impossible most especially if you know how to get along with your expenses. Setting your priorities and having a continuous motivation in reaching your objectives will surely get you a long way through your saving goals. Other goals in life such as travel, relationship or house goals can always wait until you are financially ready that is why fixing your finance as early as now will give you the advantage. At the end of the day, only you can tell how far can you go just to reach your dreams.