When you are young and start earning money, it is common for you to start planning your future and make plans that require significant capital investments. However, often you realize that you are not saving enough at the end of the month and worse still, you do not know your expenses and savings possibilities exactly.
At the beginning of your career it is difficult to allocate part of your income to savings, since you do not have a very high salary and in other situations, you are solving past debts, such as paying for your studies.
However, simple changes in your habits when it comes to distributing your income, can contribute positively to your savings account each month.
Also read: The path to financial freedom.
4 savings strategies for when you think you can’t save
1. Eliminate unnecessary subscriptions and debits from your card.
Are you one of the people who pays for six months in the gym in advance but you never go to train? At some point did you subscribe to a magazine or online course that you do not use or in which you are no longer interested? It is time that you review these small sums, you will realize that you are constantly losing money on things that you are not taking advantage of.
2. Control the money you spend on your entertainment and social life.
Most of the income when you are young is destined to do what you like the most, since you can afford parties, dinners and trips that you could not afford when you were a student.
Yes, it is a normal process, you must control these money leaks if you want to increase your savings. Change dinners in restaurants or plans outside, for meals and plans at home. Look for alternatives online for cheaper trips. The idea is not to stop going out, but not to exceed the money that is allocated to this type of plan.
3. Refrain from acquiring the latest technology.
It is very easy to become fascinated by the latest in technology products. This is why people tend to buy the latest tablet or the latest iphone on the market. Fashion and the status of always having the best is incredibly tempting.
If you plan to update any of your toys for the last one that was released on the market, think twice and better save this money. Surely the Ipad you have does exactly the same as the one you plan to buy, maybe it’s just an earlier version. These acquisitions require you to spend money unnecessarily limiting your ability to save.
4. Go to the supermarket with a list of what you need to buy.
When you go shopping without a plan you run a great risk of losing control over the money you are going to spend, since we are often tempted to buy more than we do not need when we find promotions or new products. In this way, you can easily exceed the budget you allocated for this activity. If you really want to save, buy exactly what is on your list, nothing more.
And remember, if you are really interested in creating your own business, you can read our book “How to create a company while working: Discover how to manage your time, manage your money and motivate yourself while creating a company and working for another” , where you will find all the information you need to found your own company, without having to leave your job.
