For most people, saving money has been the best way to a better and more established future. Thus for those who believe in the immense power of saving money, they will somehow find ways to put away some money for saving for a rainy day.
Over the years, people find that it gets harder and harder for their goal at saving more money to take place. They feel that, unlike the good days, common folk’s saving money goal is now no longer a part of life but it has become a commitment that they have to force upon themselves in order to accumulate a sum of money at the end.
In addition, there are also some people who insist that saving money is no longer a possible trait in the lifestyle of modern people. This is due to the increasing standard of living, resulting in many people having to look forward to the next paycheck in order to survive the last few days of this month. In such a situation, is it possible for anybody to be really saving money for a rainy day or for retirement? With the basic commodities rising in prices everyday, it seems unlike that saving money is a solution out of poverty.
However, the key point to note is that it is definitely possible for people to be saving money more successfully, despite all the contention. How? Below is a list of some revolutionary ways that have been proven to give you more success at saving money.
1. Fix the percentage from your salary for your goal at saving money.
It is not uncommon for regular money-savers to set aside at least 30% of their salary for their money saving goal. Most people will first spend whatever money they have from their monthly paycheck or sometimes even more before turning to fulfill their money saving goal. Thus, if you are able to limit your expenditure, your attempt at saving money will definitely be more successful.
2. Pay everything in cash
Most customers are used to paying with their credit cards. This can become a big problem when people start to spend everything on credit. In recent statistics, it has been discovered that the average outstanding credit card balance is around $7000! Plus, as high as $1000 per year is actually spent only on credit card interest charges alone! With such a high credit debt, how can anyone fulfill his goal at saving money?
As a result of people’s desire at wanting more, they did not remember to keep track of their monthly expenses with the end result of accumulating more payables instead. Their saving money goal has to be shelved in order to make room to fulfill this desire for wealth.
3. Goal Setting
It is very important to set goals and stick to them. You should also be very exact about the amount you want to put aside for your saving money goal.
Besides setting your goals based on priorities, you should also set the time frame for achieving your goal at saving money.
4. Study your company’s retirement plan
One other way to help in your saving money goal is to study your company’s retirement plan to see if it will benefit you when you finally retire. Some companies have a plan whereby they deduct a certain percentage of your salary from each paycheck for your investment funds. This can be seen as forcing you to set aside funds for your saving money goal.
The important point to remember is that your goal at saving money is not an attempt to integrate it into your way of life or to make it your yearly resolution simply because everyone else is doing it. What is vital is what you get at the end when you’ve finally achieved your goal and has proven to be successful at saving money.