Strategies that works for
Developing a Good Financial Habit
For many people, money is one of the top stress causing factor in their lives. We got you covered. Follow these simple tips to start up your way to a successful saving habit and take control of your financial future.
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1. The 40-60 Method
40% savings and 60% expenses. It doesn’t always have to be in 40-60, it may be 20-80 or whatever sharing fits your family budget well. This is a guide for one to set aside a saving on every paycheck and only spend within their means. You worked hard for the money; keep some of it!!
2. Cut Back on Expenses
It often starts at home. From transitioning to a less costly and all-in-one home cable and internet connection provider, lower mobile phone plan to reducing your grocery bills; there are loads of ways to cut home spending. Make a list on your discretionary expenses; dine out, gourmet coffee, new clothes, unnecessary drive etc. Little things to substitute a routine can add up to big savings.
3. Put Extra Cash or Change Into a Jar
Instead of letting change accrue at the bottom of your purse, in your pockets or at the kitchen counter; toss it inside a large jar. Turn it into a game by starting a needed competitive motivation with everyone in your household. It may seem insignificant but you may be surprised by how much you can save altogether.
4. Set a Saving Goal
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5. Make Saving a Habit
Set a phone calendar reminder or sticky note to cue you to save money. While it may take a month or two to focus on a constant reminder to save, once a habit is built it is one that will pay off for the years to come.