
Most basic principles on Saving Money:
- Make Savings Your Habit
Saving should be a habit. This is probably the most common advice you receive, but that's because it is the foundation you must have to start growing your wealth.
The easiest way to save is to set aside a portion of your salary regularly. - Start Small
Start by saving an amount that you're comfortable with from your income - 5 to 10% is a good start.
Saving is a skill that you have to develop over time. You would have to unlearn a lot of wasteful spending habits first before your wealth can truly grow.
Remember, "You have to learn to walk before you can run." - Think Long-term
To sustain your progress, your savings program should have a purpose. Your mindset should be that the money you save now will be used for your expenses in the future: your child's college tuition, for medical emergency should you become sick, or your retirement fund when you're no longer working.
Knowing that the money you are saving will be used for your family's well-being will keep you on track and motivated.
2 comments:
awesome advice!!
awesome advice
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