Here we give you some tips and show you how to make smart choices and save more money in 5 steps.
These steps are only guidelines based on the answers we have obtained from pilot tests so far within the framework of the program entitled "Learning How to Save Money".
1.Record your expenses
You do not need to have large amounts of money. Saving is a habit, a practice that becomes part of your routine.
Idea | Keep a daily record of your expenses and you will realize you are making ant spending; think about spending habits like soft drinks, candies, and a taxi you may have avoided.
¿What does ant spending mean?
These are expenses we incur without realizing or even asking ourselves if we could defer, replace or do away with them. These small expenses result from impulse buying; they may be imperceptible but account for most part of our monthly income; fast food, ice cream, and candies are examples of some of the expenses that gradually reduce our saving capacity.
¡Important!
What is known as stashing money under the mattress is actually one way of saving cash. Naturally, banknotes and coins do not bear our name so if we lose them or someone takes them away, there is no way back. Stashing money accrues no interest and may even be devalued. Thus, saving in the financial system is more convenient to cultivate savings habits that will allow us to achieve our goals..
2. Make your Plan and Set your Objectives
It is important that you think of what you might want to save for and calculate how long it will take you to achieve your goals. Having a goal makes it easier
3. Planificá y establecé objetivos
It is important that you think of what you might want to save for and calculate how long it will take you to achieve your goals. Having a goal makes it easier.
Idea | Organize yourself and set a schedule with deadlines to calculate how long it will take you to get what you want. A spreadsheet or any other comparable application will enable you to identify how long it will take you to achieve your goals, to encounter difficulties, and get some opportunities, for saving.
4. Stay Focused on Your Priorities before Taking a Decision
Learning how to make choices to fulfill your goals is a challenge indeed, but if you raise to it, you will be moving in the right direction! That is why decision-making is particularly important. Small changes, though unnoticeable, can lead to favorable results in your life!
Idea | Learning how to make choices to fulfill your goals is a challenge indeed, but if you raise to it, you will be moving in the right direction! That is why decision-making is particularly important. Small changes, though unnoticeable, can lead to favorable results in your life!.
5. Use Saving - Investment Strategies in the Financial System
Financial institutions encourage saving since childhood, which contributes towards acquiring the habit of putting money aside in an account.
In some cases, the young can also use means of payment linked to their bank accountssuch as debit cards; make some ATM transactions and online or mobile purchases.
Some bank accounts also work as a kind of investment tool that protects your savings from inflation and makes your money available when you turn 18. In some cases, savings accrue interest thereby increasing your savings.
Saving vs. Investing
Saving means putting aside a portion of your cash to use it in the future; in other words, avoid spending or using it today.
Saving allows you to reach short- and middle-term objectives. Generally, interest rates on bank accounts are lower than investments (for example, a savings account pays lower interest rate than a time deposit), while investments have higher returns and, therefore, they are many times used to reach long-term objectives in exchange for higher risks.
