Do you find it hard to save because you think money is never enough for you? It’s time for you to practice one of these methods, so you’ll have money for short-term goals or emergencies.
Saving is difficult and even more so when we are not in the habit of doing so, we are not taught from an early age how important it is to meet objectives and to invest in a more profitable future, neither families, nor schools, nor the country in general has been concerned about the financial education of Colombians, so each one learns to manage their finances through the experiences they are living on their path of professional and personal growth.
Those who have learned that saving is a vital part of healthy finances, know that they must allocate a percentage of their income for that purpose and better still, apply this philosophy of life to share in couple and family for the future.
Even these are people who since they were little have been taught to keep money in a “pig” to buy things as simple as a toy.
But don’t worry, if you still feel lost with this issue and there is no way to get extra money or save even 5% of your savings, we tell you how to do it, here we will show you some methods to get organized and gradually build the habit of saving.
With time you will do it without being conscious and you will realize what you have achieved when you meet your goals or have something tangible, such as a house.
For starters, what you need to do is be honest with your financial behavior, look closely at how you’re managing your income, how your money is going, what unnecessary expenses are affecting your pocketbook, and your ongoing obligations each month.
When you have a record of everything, start with a “master plan,” ideally a budget in which at least 10% of your income is spent on savings.
If you can, take this part and put it into an investment, it could be in a product of a financial institution that generates an annual return higher than inflation, i.e. above 5.75% by 2017.
However, if you want to make a savings similar to the piglet or short term, we recommend that you work on one of these methods, the important thing is that you do it and the sooner the better.
This method consists of an exercise of punishment and reward, the idea is to set a fixed amount of money monthly for your savings, of course, after analyzing what is your ability to do so.
But, if in one month you are not judicious with that promise, that is to say, if you fail to comply with the savings quota, the punishment that will be imposed is that next month you will not be able to enjoy the things that you like most to do or buy.
Basically, it’s punishing yourself. In fact, it is called the method of sincerity because only you will consciously know whether or not you keep your word.
The savings are gradual, so you won’t feel the “blow” from one moment to the next, plus you choose the amount you want to start with, for example, the first can start with $2,000, the next with $4,000 and the next with $6,000, and so on until you reach 52 weeks. But, if you want you can extend the plan to more weeks depending on your savings goal.
When for example you had money destined to some expense, but this was not given, take the amount and keep it in the piggy bank, at the least unexpected moment you will realize that you saved a good amount or that it served to cover some emergency.
One of those envelopes should be named monthly expense, there you should put the money you have left over, which will correspond to your monthly savings. The key is not to touch that envelope and with the others use them according to the destination that named them.
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