How to save money with a small salary
Many times, we hear about the benefits of investing and saving money. It’s not hidden fact that keeping money in a savings or investment program will help anyone on a rainy day and if nothing at all give a person the peace of mind and security they need financially. Having a job takes care of your expenses today but what about the future. Often, costs of living are so high it’s hard to save but with these 3 steps it can be easy as 1,2,3!
Whether it’s a piggy bank, a small savings and loans company you save with or buying a few treasuries bills it always helps to start small. The trick is to get into the habit of saving. Once you see the benefits and the miles stones you have achieved it will motivate you to do more. There’s nothing more thrilling than watching your small money grow big!
Set up a standing order at your bank
A standing order is a service many banks offer for saving money. It works like this, at any specified day you give your bank they will take out money from your account and deposit it into a savings or investment plan of your choice. This means you can save money whenever you have money in your account. This gives you some flexibility.
Cut down a few luxuries
This is usually the hardest thing to do. Most of the time people get used to certain lifestyles and cutting down on some things become difficult. It’s important to note that when you follow the first two steps cutting down on luxuries becomes much easier. Write down when you spend your salary on and identify one or two things to eliminate. It may be reducing the number of times you eat out, spending less on clothing or cutting down on your data bundles. It’s always fun to enjoy your life now but securing a good future by saving money is something everyone must do irrespective of the amount of salary they receive.