Wonder how you can start saving money for the future successfully? Continue reading
If you are worried about not having enough money in the Future to take care of your needs, You are not alone. The Financial Statistics reports here shows how money is one of the biggest stress faced by people nowadays. The most common and efficient way to manage this financial stress is through Savings and Investment.
On this article; we’ll be focusing on Savings and perhaps leave investment to some other days. The seven letters word S-a-v-i-n-g-s might sounds pretty fun to pronounce but the case is not so when it comes to putting it into action.
Put it simply – Saving money is not as easy as it sounds.
This is iply because there are debts to be paid, expenses to cover, stuff to buy, and etcetera. The funniest and worse part of the whole thing is – there will even be some moments of unannounced and unpredictable incidence which will attracts cost.
All these make saving money to be a little bit harder or to some, – very hard.
But that doesn’t mean it’s impossible either.
This then brings us to the question; How can one start saving money for future purposes? This article not only provides answer to the question but also takes a different angle look at it using the assumption of different age groups.
As you continue reading; you’ll find answers to how to better saving money whether you’re in your 20s or you’re still a teenager. And also how to save money for future projects such as an house.
How You Can Start Saving Money For the Future
- Start Small – Most people had the notion they’d need to have an huge sum of money before they can start saving. Of course, No! || A popular quote once says little bits of stone when gathered altogether form the giants rock
- Separate your savings from your spending account – If possible; do not put your savings and spending amounts at the same place.
- Set a Savings Goal – Having a goal towards your savings plan not only motivates you, but also helps you to track your progress. You can decide to set a savings target of an amount weekly, monthly or bi-annually.
- Avoid Temptation to spend out of your savings – Temptations comes in different forms and could cripple your savings goal. While there are some cases whereby you had no choice; temptations would trick you to spend out of your savings even if you did not need it.
How To Start Saving Money As a Teenager
If you are a teenager; there are high percent chances that you would be depending on someone for your resources such as Shelter, Food, Clothing and etc. These people you’re depending on could be your parents, a guardian, family members or an acquaintance.
At this stage of your life; money is highly recommended since you do not have much expenses to cover unlike an Adult.
You can have a piggy bank where you can use to start saving money for your future purpose. Start small and reward yourself when you reach a certain savings goal.
Introduction: When a Boy is Born into the World
How To Save Money For The Future In Your 20s
You can start saving money for the future by using the 50 30 20 rule. Saving money in your 20s can be a little bit hard but using this rule will make it easier. So here’s how the rule works
The 50% means you should spend it on your needs
The 30% should be spent on wants. While the 20% on savings.