Savings culture globally is becoming a thing of the past; it is now common for people nowadays not to set aside some money out of their earnings. While some people attribute this to the present economy of their country, others attribute this habit to impulsive buying.
The importance of saving money is quite numerous to the extent that banks are encouraging children’s account, government are authorizing employers to open a compulsory retirement savings account for its employee. Insurance companies also through their various programme and package encourages savings.
Saving your money for future helps to provide financial security, stability and financial independent. Forming the habit of Saving money can also provide opportunity in the nearest future in form of investment in partnership or any other business investment from families or friends. The consequence of not having any money in set aside can be disappointing when the above business opportunities comes knocking.
This article explains in details the best tips to save money from salary, for kids, student and earning from services rendered.
1. SET SAVINGS GOALS- saving without goals is the surest way to fail for saving money, it will make it seems as if you are wasting your time. At some point it might even discourage you to continue saving. Goals according to Wikipedia is the is an idea of the future or desired result that a person or a group of people envision, plans and commit to achieve. Setting savings goal like money for laptop, new car, house, new refrigerator can make you achieve your savings goals faster than imagined.
2. AUTOMATE YOUR SAVINGS- savings
can be automated either by giving the bank a standing order to deduct some amount from salary or earnings and also through some savings application which deduct some set aside amount from your account. Example of this app is the popular piggy bank app.
3. ZERO OUT YOUR CASH DAILY – This means when you have $10,500, you should go out with $10,000 and save the remaining $500.
4. TRACK YOUR EXPENSES- keeping track of your daily expenses can make you beware of excessive spending and give you the awareness of what you are spending your money on.
5. PIGGY BANK- There are so many types of local piggy bank around, by getting yourself one of this piggy bank can help you achieve your savings goals. You can get it from furniture company or you can build one yourself. There are so many videos on YouTube on building piggybank yourself.
source: lekmoney..com