December 6, 2023

5 strategies to save money and achieve your dreams this year

– Reading time: 2 minutes –

Saving money is a challenge that torments the lives of many people, especially since in the face of so many desires, all we need is money to spare. To start a new year, we always always plan to save and collect money, either for emergencies or for something simple; However, the lack of financial education puts all plans at a loss. However, there are some strategies that can make saving easier and turn your wish list into a reality. to know How to save more money This year, keep reading this article till the end.

5 tips for saving more money and saving more in 2023

The first thing you should know is that you need to have an organized financial life to save more money. And if you are in debt, this is even more severe. Do not despair with organization: everything is solvable. So keep following the tips below.

Index of your expenses

If you break down and write down your expenses for the month, it will make your life easier. In this way, you can organize your salary specifically for what you will be spending, without excesses. To help you further, you can set a limit on expenses, for example, 30% of your salary for fixed costs, 10% for investment and 5% for leisure.

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Clean up my money

Reduce your unnecessary expenses. It’s true: There is probably something on your spending list that shouldn’t be there. Anything unnecessary should be removed from the list so that the money in your savings can be realigned.

Set goals

Having clear goals will be the biggest motivator for your financial life. If you want something specific for your savings, work on getting the money for it, saving and cutting costs here and there. So always keep a goal in mind for your savings.

Think inflation

It is important to have profitability higher than inflation to avoid losing money. Even if you save money, you will feel that you are getting poorer every day and losing more than you gain. This happens thanks to inflation, and to combat it, it is necessary to invest with a return higher than inflation.

Also read: 7 tips to save on hotels and not lose money

Don’t trust yourself blindly

Don’t leave your savings lying around. Eliminate all chances of spending that money ahead of schedule. Put a deadline for withdrawals at the bank, put them in a safe with a password, key, or something that makes access difficult so you don’t use up your savings unnecessarily.

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