Being financially stable is not always about earning a million-dollar-income because whatever amount you receive in your paychecks, demands for material things will still tire your pockets out. That’s human nature. There’s an accepted constant need for immediate gratification. However, if you think you’ve already spent the first few months or years of your working life achieving the ‘short-term’ goals only, then perhaps it’s time that you change your lifestyle. Setting up your ‘long-term’ goals would mean great rewards for your future.
Below are some tips to help you save money:
1. List down your everyday expenses
Before deciding on how much you can save for a day, make a computation of your spending habits during workdays and days off. Try to recall the unnecessary items you’ve bought in the past week, list down the prices, add them up, and subtract them to your weekly allowance. This would show you how much you’ve spent and how much money you could have saved for the week.
2. Deposit your emergency money into your savings account.
Keeping a bank account helps you earn percentage increases. This is particularly helpful if you’ve recently resigned from a job. At least you have a temporary source of money while waiting for another job offer. Make sure to deposit again as soon as you’ve settled down in a new workplace to secure your savings.
3. Set your goals clearly
• What do I want to have in the next five to ten years?
• Have big but realistic goals especially when planning for the long-term. Do you want to own a car and a house? Know your capacity.
• When am I going to settle?
• Write a vision of how you want to settle in life. For example, ‘by 2022, I’m going to set up my own business.’ If entrepreneurship is your goal, as early as now, you must have an investment. Having a financial advisor and attending seminars or talks would also help you store knowledge and achieve your goal.
Finally, remember this as a challenge, not a burden. Do reward yourself from time to time, eat out or have fun if you want to, but do not over expend. Discipline comes with the right thinking. It is, in fact, psychological more than it is physical.