Strategies That Could Help with Saving

in LeoFinance • 3 years ago

Some people may find it hard to save money. Getting started with saving money may sometimes be the hardest thing.

Here are a few simple strategies that could help you with your savings for short or long term goals.

Focus on Cutting Your Expenses

If you can not have enough money to save, then it's the time for you to cut back on some of your expenses.

Identity the nonessentials. You have to not only work on your monthly fixed expenses but also on your wants.

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Kenyan Wallstreet

I have been going through some rough time for the last few months. The rise of the inflation have effected many in the country.

Getting a salary that's not even enough to meet my expenses, saving money was hard for me.

But anyway, I had to work on at least cutting those loans. This month, I worked on cutting some of my expenses and thankfully I didn't take any loan.

If I could work more on cutting more of my expenses, hopefully I may be able to save as well.

Record Your Expenses

In order to start with saving money, you need to figure out how much you are spending.

It's better to record your expenses. This way, you may have a better idea of how you spend your money.

Not only you may have an idea of how you spend your money, rather you may have an idea of how much you spend on what.

This way, you may be in a position to work on expenses going through the expenses you have written down.

Set a Savings Goal

One of the strategies that could work better for you in saving money is to set a goal.

You can start by thinking what you want to save your money for - both in short and long term.

Make an estimate of how much money you will need for it and how long will it take to get there.

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3 years ago in LeoFinance by
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     3 years ago  


    The rewards earned on this comment will go directly to the people( @decoding ) sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.

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     3 years ago  

    Setting a savings goal will eliminate much of the guesswork that goes into saving money (like the amount to save and when). I find it really helpful. Working on cutting unnecessary expenses will definitely allow you to save more money.

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     3 years ago  

    Yeah. Thanks

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