Saving up is not hard. If you have goals to follow, you can easily set aside a part of your income so you can achieve those milestones. Whether your salary is high or not, the figures don’t matter. Even a minimum wage earner can outperform a person who earns 10 times more. So, what are the secrets? How can some people save 35% of their income? Is it even possible?
Saving 35% of your income monthly should be easy if you have discipline. There is no perfect formula to do it but there are effective strategies that you can adopt.
First things first, you need to learn how to manage your budget. If you are earning 20,000 pesos a month, how much is your budget for your bills? How much is for your savings? If you are planning to save 35% of your income, then you have to budget the 75% of it until your next payday. Make sure that the remaining 75% can cover all your bills, including your rent, monthly food allowance, transportation, and so on. Bear in mind the goal of why you are saving so you can avoid withdrawing some of it when your budget is consumed.
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You should also work on your unnecessary expenses. If you want to save a big percentage of your income, you must drop the expenditures that will not benefit you for the long-term. For example, you don’t need to buy a new smartphone every time Apple releases a new one. You don’t need a new laptop every time a new Macbook or Windows is out. You can stick to the things you are using as long as they are useful. You don’t need to follow the trend.
If your goal is to save 35% of your income, don’t cheat. Remember that it takes patience and discipline to achieve financial stability and security. You won’t get far if you cheat on your own goals. Be as strict as you can with your savings and expenses. Stick to your goals. Do the basics—budget management and cutting of expenses. In the end, you will reap what you sow. You will harvest the fruits of your hard work, including the times you resisted the temptation to spend on your wants. At the end of this game, you will achieve all your wants in life.
Discipline is an essential element when saving money. You need to take this seriously. If not, you will end up achieving nothing. You need patience, discipline, and resistance to temptations. Whenever you feel like spending on gadgets or on unnecessary expenses, remember your goals. There’s nothing wrong with buying your wants but make sure it is within your budget allocated for the month. But, don’t get the money from your savings. Stick to your strategies. Don’t give in to temptations. Saving 35% of your income would be easy if you stay disciplined.