7 Tips on How To Save Money
Learning how to save money is vital to building a better future. As well as to get out of emergencies and/or solve unexpected expenses. So the first step is to set a goal.
Can you imagine what it would be like to make ends meet without worries, and enjoy your financial peace of mind and a solid future?
How about that be your goal in the coming months? Well at we help you fulfill that dream!
Read our article, follow the contents of our blog, and discover how to save money with these 7 tips. You will change your life and your personal finances forever!
Have a savings plan
To start with your monthly savings, you could start on your own. Having a little storage in a safe place is a big small step.
However, the best way may be to open a savings account with competitive interest rates .
Likewise, within this savings plan , you also need to compare prices , eliminate expenses on services that you do not use, save on transportation, etc.
Having a savings plan will lead you to a better lifestyle!
Set savings goals and manage your money monthly
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Since we were little, we have had dreams that become our goals and give us the drive to achieve financial success. Just keep your savings goal in mind and follow this simple and foolproof strategy:
Make a budget and savings plan.
Analyze if your income is enough for your fixed expenses, or if you exceed them.
Organize your daily, weekly and monthly fixed expenses.
Reduce or eliminate unnecessary expenses.
Be realistic with your responsibilities and debts.
Avoid debt.
Check if your lifestyle affects your personal finances
The way you live affects your money. Organizing your expenses will help you better manage your finances and reach your savings goals more easily.
For this we suggest at.
Make smart purchases and look for better prices.
Avoid impulsive purchases.
Reduce or eliminate ant expenses. Has it happened to you that you spend a lot at the grocery store, your morning coffee, or an app that you don't use? Those are the ant expenses that reduce your budget, even without noticing it.
NOTE:
These practices do not mean that you should give up your entertainment or those gifts that make your life more pleasant.
Such as, for example, going to the movies, going to restaurants, or buying clothes. The important thing is that you establish a budget with a limit for this type of expenses.
This way, knowing how to save money has never been easier!
Create plans on how to save money and effective ways to manage your finances
There are many savings techniques. However, the perfect savings plan is the one that suits you. Some suggestions are:
Pareto Method.
50-20-30 rule .
52 week challenge.
Kakebo method.
Flexible savings.
Avoid impulsive purchases and manage your money intelligently
Our feared enemy, impulsive purchases, are usually an emotional response to frustrations. To avoid them we recommend:
Make a list of what you need and stick to it.
Set a maximum to spend and avoid exceeding it.
Before buying, think 20 minutes, 40 minutes and so on up to 3 days. The more you think about it, the more your mind clears and the impulse disappears.
Save thinking about the short, medium and long term: Build a solid financial future!
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Think about it! There are things that are more worth it than that momentary craving. Avoid falling into the temptation of an expense that will later put a burden on the stability of your finances.
Better establish clearer methods on how to save money which, in the long run, will be an investment in your life.
For example, saving for a trip, for the purchase of a car or an apartment. They are short-term, medium- and long-term goals that will only require your commitment to yourself and your monetary assets.
So, to build a solid financial future, these ways to save money may be ideal for you.
And many of them are part of what banks offer in Mexico:
Promissory notes or bank deposits , automatic or with direct debit.
CETES , with investments from 100 pesos to 28 days, 3 months, 6 months or a year, without commissions.
Debt investment funds , annual commission on balance. The more money you save, the lower the commission will be.
If you want to have financial freedom, worry-free and a better quality of life in the future, you must save in the long term.
Choose tools that offer you benefits in the distant future, that do not generate complications and that help you make a safe plan.
These alternatives are ideal for you:
Savings accounts.
Private retirement plan.
Purchase of shares.Bonds.
Currency market.
Create an emergency fund and ensure your financial stability
An unforeseen event has happened to all of us that threatens our economy. Thus, we suggest you avoid these setbacks with an emergency fund .
A financial cushion that gets you out of trouble without resorting to resources like credit cards is a very smart way out!
And how do I create it?, you may ask.
Calculate your monthly expenses and see which ones you can cut.
Set aside a minimum of 3 months of expenses, a maximum of 6 months.
Open a savings account.
Sell things you no longer use (clothes, shoes, etc.)
We know that starting to save is not easy for everyone, but remember, you are not alone!
The team is committed to helping you achieve your financial goals.
We are with you every step of the way!
If you work for the government of the State of Mexico and need money, check out our loan options.
