What is the obstacle on the way to its implementation?
Of course, in many respects, the maximum amount of savings will directly depend on your income and you need to look at this issue soberly.
1. Savings account – priority.
A common mistake to avoid is putting aside what you have left after spending both essential needs (monthly bills) and all kinds of entertainment. Remember, the first invoice to be paid is your savings account. It will take some time to understand the importance, but this is the key to success! To simplify the task, you can set up automatic transfer from your card from each receipt or on a specific day (for example, the first day of the month). Moreover, you are unlikely to be able to calculate in advance the exact amount of the balance after spending every month.
2. Bank deposit for a period of 6 months.
So, the first step has been taken, and the savings account is opened – you are on the right track. But it happens that in the fire of a passionate momentary desire to buy something right now, you break loose and, using a plastic card as a key to a personal safe, spend your savings. After all, everything is so simple – the funds are within your reach, and not everyone can boast of a strong will in the fight against temptations! The solution to the problem is a deposit for a period of 6 months. Thus, the money intended for the deposit will be safe.
You don’t need to invest everything, leave some amount in your regular account in case of important unforeseen expenses.
3. Several savings accounts.
If there are several goals of accumulation, separate them. This way you can avoid the deceptive feeling that money is accumulating quickly and can cover all the expenses you are planning. It will be much easier to plan finances if the accounts are divided strictly according to the purpose of accumulation. For example, “for a car”, “for vacation”, “for repairs”. The progress of savings (as well as an understanding of what you can afford now and what you will have to wait with) in this case will be obvious.
4. Determine a clear amount.
In any savings strategy, it is extremely important to determine the monthly amount that you can save painlessly.
Some people save money when they are lucky and the income exceeds their usual income at times. In the wake of the uplift, surplus becomes an investment, which leads to mixed feelings – feelings of abundance and guilt argue. Maintain balance, then the desire to save will not leave you further. Is it possible to increase the amount without damage? Fine! But don’t forget to be consistent!
5. Don’t forget about pleasure!
A fanatical attitude towards this issue will not lead you to harmony! Remember that the process of accumulating funds should be not only competent and thoughtful, but also comfortable for you. There is no need to invest every last ruble and endanger your mental health, denying yourself everything that makes you happy.
Be reasonable, distribute in a balanced way!