If we could see the future and tell that something unfortunate was coming our way, we wouldn’t hesitate to start saving money at that very moment. It can be losing your job, a pandemic, or a medical emergency, the possibilities are endless but the point is that if you knew that it is inevitable, you would start saving up!
But the catch is that we can’t see the future in real life, which gives us more of a reason to build up a habit of saving money. It isn't an easy habit to build, but we must take control of our money rather than it taking control of us. Here are all the effective ways that you can save money for the future.
1. Set Goals
Setting long-term and short-term goals are important. Get a look at your money and figure out how much you can save. According to that, set realistic goals. Short-term goals can be achieved within a few months or a couple of years while long-term goals should be as far as five years at least. There’s a saying that says, “if you don’t plan then you are planning to fail.” So, get your notebook and start writing your goals down.
Judit Peter/ Pexels | Write down all your short and long term goals
2. Save Money As Soon As You Receive It
A common mistake that most people make is that they try to save their money in the last few days of the month when they have already spent a major chunk of it. The wiser decision is to set aside your savings as soon as you receive money. For example, when you receive your salary, you can set up automatic transfers of some of your money to a savings account from a checking account on a particular date at the beginning of the month so you end up saving religiously before getting the chance to use it.
Kuncheek/Pexels | Set up a transfer so your money is automatically saved every month
3. 30 Day Rule
If there’s something that you’re interested in buying, wait 30 days. If after 30 days it is something that you still want to buy then go ahead and purchase it. Most of the time the things we want to buy in a moment aren’t the things that we necessarily need. So, it’s better to avoid wasting money on unimportant things.
Sam Lion/Pexels | Set a 30-day rule and watch how you save money every month
All of these tips will surely help you save money for the future, so make sure to make them a habit.
