Wherever you are in your wealth journey, you can turn your financial life around and start building your savings. All it takes is the first step on the right track to financial freedom and keep the forward momentum. But like everything else, the hardest part is the first step. That’s why we listed down three savings tips to get you started.
Tip #1: Save first, and Spend Last
Too many times I hear people get paid, they spend whatever they can on life cost and build their savings with whatever’s left. I want to do this the other way around. Good budgeters and savers out there know how much exactly, month to month from their pay cycle, is going out of their bank. The excess from the start, they save for that from the day they get paid.
Tip #2: Having the right cashflow structure
A lot of people when they get paid they put it into one bank account and have no transparency in what expenses are going where. Everything comes out of one. But what we want to do is have a cashflow structure that supports our fixed expenses, our discretionary expenses, saves up for big things in advance like bills and holidays. These 4 key areas being the major expenses that we see with all our clients. If we know our numbers and segment them accordingly in a structure that helps support our savings, we will know exactly how much we have leftover to play with at the end of the month and how much our savings are going up.
Tip #3: Stick the course
Good budgeters out there not only know their numbers but save up for the big things in advance like holidays, their car registration, things that sneak upon them. If we have a robust cash flow structure, supported by us knowing the numbers, there’s absolutely no fault that we can have in order to get to out savings target. So, if we have that in place, sticking the course should be an absolute no brainer.
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