Saving is recommended for all people, since children try to instill savings at home, to store our tips in a piggy bank or in the account of our parents, but if we talk about programming your savings is a major thing, it must be mapped inside of a plan, with clear objectives, with a defined goal and over a period of time, considering that the expenditure will be made in the medium term. But how many of us have seen our parents saving for a goal and that that goal has been shared and internalized among all family members to make it their own, I am sure that very few of the readers.
Basically, saving is associated with not spending now
To be able to spend later, but without having a clear goal, saving generates a risk through compulsive consumption, because having the money in an account with 100% availability becomes a temptation it is more feasible to spend it.
The success of a good savings plan is in the good management of your expenses and that the goal of daily, weekly, biweekly or monthly savings consider it as an expense within your budget, as well as the payment of a mortgage loan or the payment of a service receipt, and if you fail to feel that you can be punished.
To do this, you do not need to have greater financial knowledge, but to have a clear goal and keep a budget in an orderly and responsible manner. Therefore, making these types of plans in writing will allow you to have greater control of your savings project. Remember that each person is different when thinking about saving because the goals are different, hence the phrase “finance is personal.”
Tips on how to formulate your savings goals:
1. Find a motivation, a goal and write it down (it must be realistic).
2. Your goals should be defined in projection over a period of time.
3. Define the final amount of your savings project, and divide it to get your fixed savings amount at a frequency according to your income stream, daily, weekly, biweekly or monthly.
4. Define a fixed date to deposit your savings.
5. You must write what you will deprive yourself of to achieve that goal.
6. You must reformulate your family budget and include the amount and date of your programmed savings
«Saving should not be seen as a sacrifice, but as the opportunity to achieve a goal»
- Turn saving into a habit of life.
- The key to achieving your financial health is in the proper management of your expenses, especially the “Other Expenses”.
- Plan how much you can save, this will prevent you from decapitalizing and borrowing.
- Set aside a fixed amount for your savings and place it within your budget.
- Encourage your family to have good saving habits.
- Keep your money in a safe and formal place.
It is not easy, it is not fast, but it is POSSIBLE, remember that your Scheduled Savings is a very good decision.