Brilio.net - The phrase "money is not everything, but everything needs money" makes people aware of how important money is as a means in all activities. Money also determines your condition in the future. The reason is, money does not come by itself without effort.
Maybe you are wondering how people out there make money easily . You need to know, to achieve financial freedom, an extraordinary amount of effort is needed. Those who are now financially stable have certainly gone through the difficulty of collecting rupiah.
As a beginner, what you need to do to stabilize the economy and also plan your finances for the future is to set aside the income you earn.
Get rid of the bad habit of wasting money to follow an excessive lifestyle. Adjust according to the contents of your pocket if you want to indulge yourself occasionally. The reason is, many people with limited income do not realize their abilities. Finally they are trapped in a vicious circle of 'payday runs out before the due date'.
After being able to control yourself not to waste money on things that are not important, the next step is to find out how to save money from the income you earn. When you find the right way to save money, you will experience a more comfortable life in the future.
With the right strategy and strong commitment, you can speed up the process towards wealth by truly understanding how to save money correctly.
Here's how to save money for a better future, as reported by brilio.net from various sources, Monday (26/2).
1. Make a financial plan
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Making financial planning is quite important, as an initial stage for saving. Calculate how much your main expenses are each month, then set aside the rest for savings and holding money for unexpected things. When the money goes into savings, just assume the money is no longer there. Make sure not to be tempted to take out your savings for things that you don't feel are that important.
Financial planning has many benefits, including:
- Increase productivity
With a financial plan, you will record all financial aspects including debt, investments, insurance and emergency funds. This encourages you to earn more income and be more productive.
- Wiser allocation of funds
You will be wiser in allocating funds and avoid impulsive shopping. With a financial plan, you can control your expenses and ensure that every dollar is spent wisely.
- Understand spending priorities
Financial planning helps you understand spending priorities, making it easier to create a financial budget. You can determine what percentage of your income will be allocated to certain needs such as saving, investment, or monthly expenses.
- Monitor expenses well
With a financial plan, you can monitor your expenses well and identify budget leaks, which allows you to minimize financial mistakes.
2. Make saving money a priority
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Prioritizing saving will make you automatically remember to set aside a portion of your income. It's best to set aside money for savings at the beginning - the date on which you get your salary or payroll. After that, you calculate expenses for main needs.
Prioritizing saving requires strong discipline and awareness. Here are some tips that can help you prioritize saving money:
- Implement financial goals
Set clear and specific financial goals, such as saving for an emergency fund, vacation, or long-term investment. Clear goals can help you be more motivated to save. Apart from motivating, short-term financial goals can also be an indication of your financial development.
- Avoid the best version of me
Avoid the temptation to always buy the best or newest version of a product or service. Don't just buy a product because of prestige. Choose the more affordable option and allocate the difference to saving.
- Evaluate expenses
Review your budget and look for spending areas that can be cut or eliminated altogether. Use the money saved to increase your savings. Remember the main point that saving money should be a top priority.
- Communicate with family
If you have a family or partner, communicate the importance of saving and encourage them to participate in saving efforts together. Don't let it happen that just because you are saving, there will be miscommunication within the family, leading to conflict.
- Make saving a habit
Turn saving into a habit that you do based on your financial goals. With consistency, saving will become easier over time. Save your money in as few opportunities as possible and never let yourself accidentally miss that opportunity.
By implementing it, you can prioritize how to save money and build healthy habits in managing your personal finances.
3. Utilize bank deposit automation
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Use an automated banking service to transfer a certain amount of money to a savings or investment account each month. Never hesitate to use the facilities provided by the bank to support your discipline in saving. However, everything must be studied carefully and thoroughly before deciding.
4. Invest your funds
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Apart from saving, consider investing in financial instruments that suit your risk profile, such as mutual funds or shares. Investing in items whose value can be considered in the future could also be an option. The item that is commonly used as a way to save money is gold.
5. Seek help from someone you trust
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If you find it difficult to manage your finances, consider consulting a financial advisor who can help you create a financial plan that suits your goals. The recommended financial advisor does not mean you have to pay an expert, but can be someone who has experience in saving more with you. Advisors usually come from parents, family, seniors, or even your own friends who are seen as more financially capable.
6. Take the time to create emergency savings
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Creating an emergency fund separate from regular savings is something to consider. This emergency fund should be enough to cover your living expenses for several months in the event of an emergency, such as job loss or an accident. Make a principle for yourself that you really won't use your emergency savings for your daily life.
Saving money requires discipline and commitment, but with the right steps, you can build wealth over time. The key to success in saving money depends on yourself, how you maintain discipline in saving, and persistence in making money.
Intern: Robiul Adil Robani