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How to save money every month

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If you’re not used to saving yet, chances are that saving money seems impossible to you. In this article, we offer you some financial tips to help you set up a savings account and make the word saving an achievable goal for you.

When a financial emergency arises and you need money to go to the dentist or get your car fixed, you start to wonder how nice it would be to have some money set aside. “ How to save money?” , you probably thought about it, but every time you had additional expenses (a wedding invitation or maybe a trip for a few days out of town), and you again postponed the question of saving for the next month.

Job loss or health problems are situations of financial impasse that can happen to anyone. The goal of savings should be to be able to live on the money saved for three to six months.

What are your income and expenses?

The first step is to get a clear picture of income and expenses. Write them down in an Excel spreadsheet or notepad.

Expenses – Divide them into fixed (loan payments / renting an apartment, utilities, phone / mobile phone payments, etc.) and variables that are different from month to month (food, clothes, entertainment, hobbies, etc.) ;

Income – Once you have determined how much your fixed expenses are, you should aim to deposit at least 10% of your remaining net income (income minus fixed expenses) into your savings account. At the end, when you sum up, you will have exactly the amount of money left that you could live on until the next paycheck.

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Recommendation: Saving money is possible and it is important to start with a goal. For example, you save 10% of your net salary every month.

Transfer money to a deposit account immediately after receiving a salary, and not after 2-3 weeks, because then difficulties may arise for you, and it turns out that you are postponing this moment again. You can also try to save money for your desired vacation in exotic places. Just thinking about these wonderful corners of the world will motivate you enough to stick to your savings plan.

Savings – tricks to save money

  • Review your subscription to the phone – perhaps there are more profitable ones.
  • Drink coffee at home or at work (don’t buy it on the road).
  • Cook to reduce restaurant visits in the city.
  • Avoid impulse buying as much as possible.
  • Go to the supermarket with a shopping list from home (don’t deviate from it at the store, despite the temptations).
  • Buy supermarket own brand products.
  • Wash your car yourself.
  • Sell things you no longer use.
  • Give up habits such as smoking, coca-cola or sweets.
  • Research as many deals as you can when planning your vacation (don’t rush to buy the first offer, don’t go for luxury accommodations, and don’t go for peak season vacations).
  • Replace your gym membership with outdoor sports.
  • When you want new clothes, don’t be in a hurry to buy them in big malls, look for simple shops.
  • Choose to shop online, it’s very easy to compare prices and it’s even more financially beneficial.
  • Try to cut down on car trips.
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Recommendation: You can try to save money by following the tips above, but you can also try to earn extra income from a small business such as photography, makeup or other.

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