Seven Simple Steps to Learn to Save Money

We live surrounded by material things, fashion magazines, culinary temptations and we crave expensive vacations, this is because society has created consumer behavioral patterns in which the temptation and the possibilities to spend more than we earn are growing.

And yet, when the due date of the loans is approaching, we regret that we did not save before we spent and we promise each month that this year we will be more modest with our money and we will pay our debts.

If you find yourself in the description above and still want to save a small amount of what you earn per month, get rid of the last three days until the salary and pay all your debts to find out that the most difficult thing in the process of saving is the start. Reasons why you might need a guide that teaches you how to spend, save, and plan your monthly budget.

1. Keep track of expenses

If you want to save, you must first know how much you spend, so I advise you to keep track of all your expenses for a month, noting, in addition to bills, every coffee, snack, or out with friends.

2. Establish a budget of expenses

Now that you have a record of monthly expenses, you can set an exact budget to fit in until the next salary, but the limit of unforeseen expenses, not before ensuring that you have deposited a few pennies in an emergency savings fund. Also, don't forget that your spending budget should include monthly bills, bank rates, rent, and weekly shopping.

3. Make a savings plan

Taking into account your net income, try to save at least 10-15% per month, and if your expenses do not allow this, try to figure out where you could reduce it.

You can do this by being organized and cutting back on spending for comfort and entertainment, for example, choose to prepare your lunch at home instead of ordering it at your office, give up buying an item of clothing, and applying facial masks at home instead of paying a small fortune at the salon.

4. Set the goal for which you are saving

By setting a goal you will know exactly how long you need to raise the money you need and it will be easier for you to start saving.

And if you are still wondering what would motivate you to save, find out that the objectives include a vacation, a new car, an advance for a house, or an emergency fund to cover the expenses for a few months in case of job loss.

5. Set your priorities

If you have decided that you have more reasons to save money, decide which one is the most important and how fast you want to reach your goal. By doing this you may find that you are highly motivated to achieve a goal and you can save even more than 15% of your income by giving up small daily fads.

6. Decide on the strategy of saving.

Depending on the purpose and the period you have decided to save, choose the right bank and type of account. Starting by researching the interest rates charged or the types of savings and accounts funds, you will be able to choose the banking product according to your needs.

7. Automatically transfer money from your salary account to your savings account

With just a few clicks on your online bank account, you can decide on a fixed amount that, on payday, will be automatically transferred to another account, which will prevent you from spending on various temptations. when you have money in your wallet.