5 Steps To Follow To Save Money No Matter Your Income

In our current generation, saving has become so important because we all tend to live individualistic lives, so therefore, when one finds him or herself hard pressed for money it is usually very difficult to approach family and friends

To save one from the disgrace of having to grovel to friends and family for money, it is advised that everyone saves for the dry season

Saving is usually a difficult task for many especially when your income is nothing to write home about

Following these steps should make it bearable if not easy for everyone

Firstly, it is very important that you pay yourself first. When salaries are payed, put aside a percentage of your salary as your savings before you go about spending it one your needs and wants, this is sure way to ensure that you are able to save each time your salary is paid

It is very important that we avoid accumulating debts if we want to save. Though it is understandable that some debts are unavoidable, most debts are however avoidable. When debts are allowed to accumulate, one will find him or herself in a virtual cycle to using income to service debts and going in for more loans to survive till the next pay day

Again, setting a reason saving target for yourself is very necessary to ensure that you are always able to save at the end of the month. Its nice to save huge but sometimes going at a jogging pace is just the best. Look at your monthly income and factor in your expenses and come up with a reasonable amount to save at the end of each month which wouldn’t stress you too much

Moreover, putting a time frame on goals and targets is very necessary. Before you begin to save you should set yourself a goal that at the end of the quater or year this is what I expect to have saved. Setting this goal and adding a time frame will ensure that you meet your goal and on time

Last but not least, you should keep a budget. A budget should be drawn for expected daily, weekly and monthly expenses and it must be followed religiously. Of course there will be days that unexpected expenses will pop up and that is why every good budget must have a portion for miscellaneous

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