How much do you get as your cash savings? Is it enough to cater for your needs?

What if I tell you that you can actually increase your savings and have enough or better still, have more than enough cash from your savings to cater for your needs and still get to save some more money from your savings.

Sounds too good? Well, it’s just a matter of learning some few tricks which I will be disclosing to you as you read on.

It is better to have a round figure so you don’t waste time thinking too much. When I say “have a round figure”, I mean having a percentage of your income you want to save. For me I prefer 50% of my earnings. When I earn anything I put half of it straight into a savings account.

Having a round figure helps you to be consistent in your savings. This works well for those who do not have a fixed amount of income. Even if you do have a fixed amount of income it still works perfectly too.

If you do save more money than you actually need, the leftovers of the money saved can still be put into a savings account again. This was what I meant when I said “you can cater for your needs with your savings and still have to save some more cash from your savings”.

Before we go any further, let’s know at this point that you may not actualize this at the initial stage, but it won’t take long, maybe at your second attempt you may find it’s a really easy thing to do. If truly you are serious.

Now let’s take a dive into the dark uncharted waters. This is where we get a bit serious.

When saving you have to be very honest with yourself and be willing to save.

In saving, your attitude towards it matters a lot. There is no point keeping some money as your savings and the next day you are thinking of how best to spend it.

The major secret here is to first pay yourself when you receive any money, you may do this by putting that money in a bank account, as stated above, before it is consumed by other expenses.

However, you really need to cut-up your credit card except you want to pay back the debts incurred with your savings. This is indirectly saving for others. Also before you start saving ensure you pay-off all your debts.

You may also want to automate your saving, you can ask your bank to automatically transfer your cash to another bank account to make this really easy.

Above all, you have to set-up a budget plan for all of your finances, to avoid spending money recklessly. Your budget should be clear and should suit you well. And ensure you stick to it.

Before going out for shopping, do make a list for it. It also prevents excessive and unwanted spending.

Final Words
In conclusion saving is an act that most of us do, either consciously or unconsciously. You may already know some of these things discussed. However you should ask yourself – Do I do these things? It’s important you know the act of saving and do well to teach young ones about it.

Thanks for reading.

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