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2023 Author: Malcolm Clapton | [email protected]. Last modified: 2023-07-28 10:38
Many people think that saving money is useless, especially if you receive little. But it is precisely in this case that this is important.
1. Pay yourself first
First you need to satisfy your basic needs, and the remaining amount should be set aside or spent on achieving your financial goals, for example, paying off debts. This way you will definitely not have a chance to spend money on unnecessary things.
If you start saving small amounts from each paycheck, you won't even notice that you are limiting yourself in some way.
For example, you can transfer 300 rubles to a separate account every week on Tuesdays and Thursdays. This is quite a bit, but in a year you will accumulate 31,200 rubles, which is not bad. If you transfer another 1,000 rubles to this account every month, you will get 12,000. Such expenses will not be very noticeable during the month, but at the end of the year you will have 43,200 rubles.
Of course, this sounds like another cliché that won't help if you're already broke. But that's when this rule is especially important.
2. Create your own contingency fund
When we are faced with an unforeseen situation with no safety reserve, we often make mistakes. Psychologists and economists have found that in this state we become rougher and more impulsive, our cognitive abilities are reduced. We cannot objectively assess the situation from the outside. To cope with this problem, we have to take out a microloan or pay with a credit card.
For such situations, there must be a reserve stock, otherwise you can easily get bogged down in debt. Yes, it seems difficult, especially if you receive little, but it is necessary to have such a supply. Start saving at least small amounts, then you will feel more confident.
3. Pay off loans wisely
Another important lesson to learn: if the bank has approved you for a loan, this does not mean that it will be easy for you to repay the loan. After all, lenders earn on interest.
It is beneficial for the bank that you deposit small amounts every month and spend more on interest payments. If you want to pay off the loan faster, make sure that this money does not go to pay off interest.
Protect your interests and remember that creditors are not on your side.
Despite popular wisdom that we learn from our mistakes, researchers have found that obsessing over past failures negatively affects our present habits. Constantly thinking about our mistakes can lead to the fact that we will only repeat them over and over again.
When you have learned a useful lesson from your mistake, stop self-flagellation and move on, because your financial well-being in the future may well depend on this.
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