No, saving is still possible in 2020. Make saving your priority this coming new year if you want to start your financial empire early. There is still a chance and I hope all of you get how important it is to have savings and investments in your life. It’s a brand new year again, do not wait up for another year to open a savings or investment account. You are only delaying your success if you keep on postponing your money plans. This 2020, change your ways and avoid saving. Here’s how you can focus on saving your money.
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The first thing you need to do is to get 10% of your income or higher and put it in a savings account. Regardless of the amount of your salary, you still need to get a portion of it. You can decide whether you want to take away 10%, 15%, or 20% as long as there is enough left for your expenses and bills. Just a tip when saving—do not withdraw your money after you exhaust your monthly budget. You won’t go any farther if that’s how you manage your savings. Just let it sit in your account.
When getting a portion of your income, do not subtract all your expenses then get a part of the remaining salary. That’s not how it works. Multiply your pay by the percentage you decide on and set aside it for your savings. Make savings a priority rather than an option. Trust me, you will be able to focus more on setting aside your cash once you’ve learned how to properly manage it. Before you list your potential expenses, ensure that you’ve already put something in your savings account.
Do it regularly. If you can save 10% of your salary, do it monthly. It’s better to develop a habit of doing something so you can focus. Once you develop the habit of saving, it will be easier for you to save and invest. It’s vital that you are consistent with what you do because this will define your moves in the coming days and months. Take this chance and start your saving journey on the 1st day of January so you would be able to bring the fortune up to the end of 2020.