After reading this article you can have an extra little money thanks to the frequent savings you make. Leave behind the bad habits that we will list in this article.
It is not about becoming rich and not sharing that wealth with anyone but rather about learning what you can do with saving, what it is for and how you can achieve it.
In the following article, we will share some of those bad habits that get in the way of your desire to start saving quickly. If you identify with any of them, then it’s time to start changing them and see what you can do to make a significant change in your finances.
The savings will allow you to make large purchases and future investments, whether it is the acquisition of a house or apartment, a car or pay for the education of your children, start saving money can help you achieve these goals. Why can not you save?
1. You save only what’s left over
Surely you have had the intention to save countless times, but you feel as if it does not work. The first mistake you may be making is trying to save only what is left over at the end of the month and the reality is that this is not enough.
Your intention to save must be stronger and with that, you must organize plans to achieve it. Making a monthly budget can be a great help to save as you set a cap on your spending so you can save a considerable part of your salary.
Creating labels is also of vital importance when it comes to collecting money, with that you establish what that amount is for and what the other is for. With this, you would be setting clear goals, for example, a vacation or a computer for your children to move forward with their education.
You may even be saving for things you once considered impossible like buying a modern television screen or hooking up a car.
2. Forget about the goal
It is likely that you have already developed a plan to start increasing your money and your savings and you have forgotten about it. This is about keeping in mind that you are saving money and what you are doing.
It is very important that year after year you increase the rate of savings you have and that this increase is considerable throughout your years of work. For example, if you achieve a salary increase in your work, not only the number of responsibilities and expenses will grow but also your savings rate.
Keeping track of your accounts for retirement is essential because the costs of not doing so could be tremendous. Retirement savings funds give you the possibility to change your plan at least once a year so you can ensure that you are not saving to save even one of the working days.
If at any time you change jobs, it is essential to keep your new employer informed of the discounts that are made in your payments to keep your savings up to date.
You might think that when this time comes you will not need this money, but you never know what the future holds and that is why it is essential to be prepared for it.
3. Spending on rent
It may sound strange to you, but when renting a house, you are leaving money in something that will never belong to you.
One of the ways in which money flies and with which it is almost impossible to save, is the expense of renting a home. Many people pay rents throughout their lives and fortunately manage to establish conditions so that costs remain without significant increases for years.
However, lacking their own assets, rents become one of the main cash outlets for many families. One of the goals that should be established in savings should be to buy a house or a department.
Although it is very difficult to make an estate to spend the rest of our days, it is not impossible when you think of everything that can be saved without paying a rent.
In almost all jobs integrated into the formal sector or the government, it is possible to obtain a Schema Ist loan for the payment of a home and the payment made is for real estate that will be yours over the years.
It is important that the payments for that space do not represent more than 28% of the total of your income, otherwise saving for the future can be extremely complicated.
4. Ant expenses
If you are one of those who thinks that investing about $ 50 pesos a day in a cup of coffee does not have a negative effect on your wallet and that, on the contrary, it gives you the productivity rents you need, you are wrong.
Even though these expenses can be minimal, they are the ones that add up faster and those that can reduce your savings more. You will be surprised to know, but those people who go to a cafeteria daily are the same people who live paying the minimum card and are tied to the interests.
Clearly, these people are destined not to save unless they change the way they consume in their day today.
A budget can help you establish and recognize these expenses that are useless and of which you do not profit, by doing so you can discard them and start spending on things that are really important or, better yet, start a considerable saving for your goals.
The same happens with subscriptions. How many times have you been to the gym since you paid the membership? How many times have you seen the series of the streaming service you are subscribed to? How many of the cooking recipes have you prepared from the monthly magazine that arrives at your door?
Ask yourself that before continuing to pay for services you do not really use. This can represent a significant saving in your life. And do not worry: when you retire, you can do these things and a thousand more.
5. Buy compulsively
Every time you buy clothes, accessories or something else that you love, you release endorphins and start to feel good. Sure, immediately afterward comes a sense of guilt even though you felt very happy with your purchase decision. Ask yourself what I just bought and why I bought it?
It is not about you feeling bad about your decisions, but there are many people who use purchases in response to different problems and in doing so, they do not realize that they are losing money and acquiring more problems.
If you intend to save, you must first face compulsive purchases. There are other ways to give yourself therapy such as exercising, reading a good book or going for a walk with your friends.
In a few words, you can save money, but not time if you choose to go “gossip” with someone you trust instead of letting your salary go in stores and things you do not need.
6. Eat daily on the street
It never hurts to go to a restaurant and try delicious dishes of the type of food you like. It is also good to invite your loved ones to a restaurant and share a pleasant chat. Beware, doing that every day could mean one of the reasons why you forget about saving.
Ideally, you stay on the line and only do this when the situation warrants, meanwhile you can prepare food at home to take it to work or eat at a restaurant that is quite affordable and supports the local economy.
It’s the same as with your coffee: you can buy a thermos, prepare it at home and take it to the office. You will realize that the expense that you eat represented is cushioned as you find new places to eat, compare prices and always delight with new things to try.
Finally, it is extremely important that in your intention to start saving and to achieve it you learn, literally, to say “no”. This simple word that we learn as soon as we start talking is forgotten when it comes to controlling expenses.
Learning to say “no” works well for love disappointments or to make work decisions, but it is also very important in finance.
When you say yes to everyone, you are acquiring a series of commitments that can be difficult to get rid of, and when you say yes to credit cards and unnecessary expenses you create a financial hole that can later be impossible to cover.
While there is a solution to every problem, planning and prevention are essential to achieving a healthy economy. And if for some reason you have fallen into an economic debacle, keep in mind that you are not alone.
You have time to solve your problems, learn from them and have the help of credit institutions and above all, with the love and trust of your family that will always be present.