Here are effective ways to save up your earnings.
- Record Your Expenses
The initial step to have money is by recording all your monthly expenses and monetary transactions. Maintain a written record of every transaction you make despite the values associated. Once recorded, at the end of each month categorize these amounts based on the amounts spent (example: groceries, utility, travelling and mortgage/loans) and analyse and find out if there were any over-spent amounts and the reason behind it.
- Make a Budget
Once you have a clear idea of your monthly spending pattern and the relevant areas spent, make sure to budget out the upcoming expenses. This will help you to limit any over-spending associated. Ensure to include regular expenses, maintenance and a proportion for any emergency requirements.
- Plan Your Monthly Savings
Plan a saving scheme based on your monthly earnings. Aim to save at least 10-15% of your monthly income. Consider the saving interest or the benefits/return. Set savings goals such as: an emergency fund, savings for vacation, savings for special events, savings for your family and/or children, savings for education/career growth and retirement.
- Decide on Your Priorities
Priorities in life may differ from one person to another. The most efficient way to set priorities is by considering your saving goals. If your priorities are based on a long-term requirement such as retirement or a pension schemes looks for options based on long term returns.
- Watch Your Savings Grow
Check your progress every month. Not only will this help you stick to your personal savings plan, but it also helps you identify and fix problems quickly. With these simple ways to save money, it may even inspire you to save more and hit your goals faster.
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