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Tips for Saving Your Money for Later Use or Investment

Tips for Saving Your Money for Later Use or Investment

Set aside money to save and invest into things that are difficult to do, if you are not used to doing it. Changing some small and consistent habits to implement them is something that needs to be done to overcome the above problems. There are extraordinary ways that can save more money to save and invest. In this discussion, we will explain about 3 ways to save that can be applied easily. Aside from that, perhaps you need to check out investment mis selling to know more about another great risk in investments.

The following is a further explanation.

3 Ways to Save Money for Savings and Investments

1. Prepare jars to set aside your money

The traditional way that until now is still very effective for you to save and set aside some of the money you have.

Prepare a jar to save some money every day, then in 1 month the money will amount to about 30 times (average 30 days in 1 month) and in 1 year it will be around 30 times that multiplied again by 12 (12 Months of the year).

The money you put into the jar can come from shopping money, coins that are not used, and others.

2. Create an Automatic Savings Account

For those of you who are very difficult to set aside a portion of their income to save, it is very appropriate to apply this technique.

When you receive monthly income, then immediately enter at least 10% of income into the savings account.

You can also have a separate account for everyday shopping and saving. This will be very useful to prevent taking money in a savings account.

3. Be Creative in Making Passwords

You can create creative passwords that can remind yourself to save and set aside some income.

For example, create a password “March2020” which is the date on which you plan to get married.

The password can be a reminder that you don’t waste money and prioritize saving and investing.

We recommend using these passwords on various online shopping sites that make you tempted to spend money there.