Let's look at 5 steps that will help you start saving:
Define your goal. Learn to formulate your goal correctly — I don’t just want to buy a phone, I want to buy a phone of a certain brand for 20 thousand rubles in three months. A clearly nepal whatsapp phone number formulated goal is a powerful motivator. Try to visualize your goal: create a “wish board,” find pictures that relate to your dream, and place them in a visible place. This technique motivates you to take action.
Analyze your expenses. To achieve stability, it is important to analyze your expenses. And 20 minutes a week is enough for this. Keep track of your expenses, write them down in a notebook, table or mobile app. Highlight unnecessary expenses that you can refuse or reduce. This simple technique will allow you to save significant funds.
Divide your income into categories: mandatory expenses, savings, investments.
Start saving. Even a small amount saved regularly turns into a significant amount over time. Experts recommend saving 5-10% of each income received. Set up automatic transfers from a current account to a savings account.
Experiment. There are many ways to optimize your costs, study investment instruments.
How to save money quickly
Following the right strategy, you can see the result in the near future. Let's consider several options for calm and stable accumulation:
Savings account . It is enough to create an account in the bank application and replenish it when possible. There are no strict conditions, no additional payments. All savings are insured and under reliable protection. However, interest rates on such accounts are low.
Cashback card . Bonuses (1-4%) are awarded for each purchase. The card is convenient to use, although you need to meet certain conditions (remember the minimum balance, there is a spending limit).
Bank deposit . In modern conditions, when the interest rate is constantly increasing, you can open a bank account, choosing the most favorable conditions and receive a guaranteed interest. The bank helps save money. Deposits in banks are insured by the state, which reduces risks, and managing a deposit does not require special knowledge and skills. But there are also limitations - for example, if you want to withdraw funds early, you can lose interest. And in order not to lose part of the funds, the inflation rate should be lower than the interest on the deposit. A deposit is suitable for those who value stability and guaranteed income. This is a good option for short-term savings or if you are not ready to take risks.
Individual investment account (IIA) . It allows you to receive a tax deduction or exemption from personal income tax on investment income. Investing in shares and other securities can bring higher profits than a deposit. However, IIA has higher risks, it is possible to withdraw funds from IIA early, but only with the loss of tax benefits. IIA is a tool for long-term investments. It is suitable for those who are ready to take risks.
You can consider a combined approach, dividing savings between a deposit and an individual investment account to reduce risks and increase profitability.