Every financially literate person understands that money savings are the basis for a safe and comfortable life.
When the salary is a conditional 35-40 thousand rubles, the average citizen does not understand how to cover basic needs and at the same time save for long-term goals.
Basic tips to free up more money for savings
The inability to save money indicates a person’s inability to manage it properly.
To save money on a low salary, you need to follow these recommendations:
1. Pay off all loans and installments. Credit card payments, various fees, and accrued interest take up money that could be saved. Before you think about saving, you should pay off your banks and other creditors.
2. Start eating right. To save money, you can refuse deliveries and fast food, which make a person overpay significantly.
3. Learn how to use discount coupons and cashback apps. People often ignore the opportunity to get a small discount because they don’t consider such savings to be significant.
Over a period of about a year, with the help of discounts and cashback, you can free up 10-15 thousand rubles for savings.
4. Look for cheap analogues of famous brands. Overpaying for a brand is a common mistake of people with low incomes.
Especially considering the fact that most items from well-known manufacturers have equally high-quality analogues.
Expert Advice: Pay Yourself First
Experts in the field of finance and investment agree that any savings are a person’s payment to himself, his contribution to the future.
It is necessary to allocate an untouchable amount from each receipt into the account and direct it to the piggy bank. This can be 5-10% - it all depends on whether the person is comfortable living on the remaining money.
The main thing in building savings is not to overdo it.
Beginners often switch to radical savings mode and deny themselves all pleasures, sacrifice the quality of food and even delay treatment of existing diseases so as not to go broke on medications.
This approach is wrong.
The more restricted a person's lifestyle, the more likely he or she is to want to spend savings in search of quick pleasures.
If you keep to moderation and learn to live within your means, this problem will not arise.
Earlier I talked about how to stop wasting time and start taking action.
