One of the best habits you can have is learning to save, which is why we will tell you some of the following. best methods to put money in the piggy bank no matter how much you earn.
If there is one thing you must be clear about, it is that to save it is not necessary to earn millions, because even those who have minimum salary you can save a few pesos every once in a while if you do it with perseverance and discipline.
But since saving sounds like a very general word, right away we will tell you some methods that you can put into practice to add coins and bills to your savings account.
Effective methods to save every month regardless of salary
Whether you want to travel, buy a house or a car, or simply have extra money for any unforeseen event, getting into the habit of saving is one of the best ways to get the most out of your salary.
Under this framework, we will now tell you some of the most effective methods to save no matter how big or small your income is.
Kakebo
Translated into Spanish, this Japanese method means “domestic accounting book to promote savings”, which is based on writing down the expenses you make in four categories differentiated by colors: “survival”, “culture”, “optional” and “extras”. At the end of the month, the person’s total spending is calculated and studied using animated characters: the pig means savings and the wolf means expenses. Thus, at the end of each week, a reflection block in the notebook helps savers see if they are on the right track to meet their monthly goals.
72 hour rule
Although simple, this method of saving requires willpower and patience. The key is in think twice about the purchases you makethat is, according to neurologist Viktor Franklwhen you have chosen a product you must wait 72 hours to buy itsince this can make the difference between stimulus and response.
Snowball
Another method to save is to reduce the time in which a debt is paid and, with this, reduce interest, thereby saving some money. To do this, a certain amount must be dedicated to savings each day, which means that the smallest debt should be prioritized, and after liquidating it, move on to the next most insignificant and so on until all liabilities are paid.
1% trick
For its part, you can also apply the 1% method if you want to save, what is it? Basically First, 1% of the salary received the first month is saved. Then, it will increase to 2% the second month, and so on until 12% is saved during the twelfth month.
80/20 Trick
In accordance with Mike Wintersfinancial expert of the CNBC, you must allocate 20% of your salary to investments, savings or payment of debts, while you must start an “emergency fund” capable of covering 3 to 6 months of your expenses. Meanwhile, the remaining 80% must be used to cover monthly expenses. The best thing to be successful in this method is to have two accounts where the two amounts are deposited.
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