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Percentage of Income Should You Save Every Month

Percentage of Income Should You Save Every MonthIf you want to learn how to save money, you need to understand how much to save. It depends on what you want to set the money aside: for something specific or just like that. You don’t have to spend at least 10% of your income every month – make it a “golden rule” for yourself. We got the money, counted out a tenth, set it aside and forgot it. If you have enough self-control, you can keep money at home. If you are afraid that the temptation to spend finances will be too great, use the banking services. Open a deposit for which you can transfer the amount you have decided to save every month.

How to save money?

For saving money to be truly effective, you need to plan your own budget clearly. To get started, try to write down every day (down to a penny) how much you spent. Save bills from supermarkets, make notes about trips to the market, paying for public transport, etc. After a couple of months of total control over finances, you will be able to calculate useless and unnecessary expenses that can be painlessly eliminated.

Learn to save money. Make a shopping list when you make groceries and follow it. Avoid unnecessary expenses: coffee breaks, spontaneous purchases, etc. You will be able to free up a huge amount of funds that go “the wrong way”.

Where to save money?
If you have planned a large purchase, which will take 2-3 years to save money, at least make sure that your money goes to the bank. Choose a reliable financial structure – a bank with a good reputation, responsible to its clients. Open a deposit. It is necessary not only in order to limit your own access to deferred money, but also so that inflation does not eat up your money over time. The deposit can be replenished with money every month immediately after getting the salary. The interest on the deposit can be kept in the account or used as an extra income.

What can you save money for?

In order to learn how to save money, you need to define your own goals. That is, why are you doing this, what are you planning to spend your money on. The more specific and clear your goal is, the easier it will be for you to save money and painlessly give up a certain percentage of your income for a while. The goal, in this case, will also play an important psychological role, you will definitely know for what you need money. You can save up for anything: from a good laptop and an expensive gadget to a car and your own apartment in your favorite area.

How to properly save money from your salary?

In order to avoid the temptation to spend extra money immediately after getting your salary, set aside the pre-planned amount to your bank account. If you use online banking and get your salary on a debit card, you can set up an automatic payment in the system. 10% (or the amount you set) of the amount will be transferred to the deposit account. It only now seems that it does not suit you (not convenient), that it is impossible to foresee all the circumstances. Over time, you will understand that you do not need the saved money now and today.