After working for many years, you will earn a higher income and may have a modern life with many spending temptations. Meanwhile, you also start thinking about the future stability of you and your family and try to set saving goals. The best way to save is to think “Save first; Spend later”. Another way of saying this is “Income – Savings = Expenditure”.
Have a goal in mind and put money in separate accounts to build your savings:
Saving for Emergency Reserves
Set aside an emergency reserve of 3-6 times your total monthly expenses. This money will protect you in case you experience difficult financial times due to unexpected incidents such as accidental injury, sickness, loss of employment or any other emergency.
Saving for Happiness Fulfillment
Save money in the short-term and medium-term probably as special fixed deposits. This can be used for your planned spending such as home loan down payments, travel expenses, purchase of desired items.
Saving for Retirement
Save money regularly for the long term by practicing savings discipline. This may include tax-free fixed deposits or life/saving insurance which you can use after retirement and having enough money for your healthcare or other preferred activities.
Saving for Investments
Save money first then allocate some to make investments which provide an opportunity to gain returns higher than deposit interest rates. This way your money can work for you and increase in value.
If you allocate money for each purpose, you can manage it properly, make progress quickly and stay focused. Moreover, you should record income-expense items, both your own and those of your family as a checklist to keep track of your spending. By doing this, you and your family can save more to improve your financial wellbeing and help ensure a comfortable life.
Create good financial habits to ensure your saving success!!
Create good financial habits to ensure your saving success!!
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