Congratulations! You have made your first deposit to you saving accounts, and you are so happy with your three figures number in your bank! Now, we have a treat for you, few tips to make this number grow bigger and quicker:
1 – Always overestimate your expenses and UNDERESTIMATE your income.
This is the golden rule for any financial management program from the individual level to the nation’s. Here is another secret I reveal just for you: it is always advised to overestimate your expenses and underestimate your income by about 30%.
2 – If you can share anything, do it.
What goes around comes around, and sooner than you think, your friends will get in the same sharing mode and they will return the favor to you. It’s always said that to get, you need first to give, so go ahead and initiate the loop.
3 – Before you go on another spending spree in the mall; ask a professional shopper to go through your closest first.
They might find this old outfit you are trying to hide away as an excuse to get a new one. Moreover, they can help you come up with new stylish outfits, doing a mix and match to your wardrobe.
4 – Every one of us has a guilty pleasure. Counter that with equal saving
I know I do have a guilty pleasure: I spend loads of money on books. I admit it, I am a nerd who LOVE books. My mother noticed how much of my salary goes on buying books, and she knew how to put an end to it. She told me that for each book I buy, I am to put its price equivalent in my monthly savings. This got a hold on my book mania. So whatever you allow yourself to spend on your hobby, add the same to your savings.
5 – If you got extra cash for Christmas, don’t get very excited.
They are going to the bank, not the mall. Whenever you receive unexpected cash; put all or most of it (I’m trying to be nice and go easy on you here) into your savings. No cheating. You will also add your regular monthly saving amount too.
Keep up the good work and hopefully, these few and easy tips will get you reaching your saving goals sooner. Don’t forget to share it with us when you do.
Read also: Six Easy Steps To Manage Your Expenses
Contributed by Noha El Ashmawy, a freelance writer.