If you consider that you spend more than you earn and that is why you do not have any way to save, make a stop in your finances because maybe you need to make a paradigm shift and evaluate your learning about saving.
Do you feel that each time a saving goal is proposed, you end up with no money at the end of the month? Maybe, that’s just an excuse because maybe you make the same mistakes in the month and that’s why you never have enough money to handle an emergency fund or programmed savings.
And maybe, you are a judicious person, then do not smoke, do not drink, do not spend money in restaurants or casinos, rather, lack the common causes for those who do not have money. However, when the fortnight arrives or the salary of the month has already practically spent because he had to run to the doctor, he spent more on birthday gifts, or on special dates, he went to find a gift to make it well in high. As in May with Mother’s Day or in June with Father’s Day, two times of the year that for many are a valid reason to spend a little more on the month.
We are going to tell you that you can spend and at the same time save, you should only leave behind some behaviors that do not favor the goal of reaching your goals. For Diego Prieto Rivera, president of Banco Caja Social, “promoting a savings culture has a valuable connotation in the progress of society since it is easily convertible into another type of assets that leverage development, such as education, housing or creation of Business”. This implies a total change in the paradigms of consumption and the use of money.
We are going to take information from this bank to point out the typical errors of those who consider themselves ‘denied in savings’. Resolve these bad habits soon and you will see how your budget starts to improve and each month you save more. That way you will become a visionary and have a better future.
#1. A ‘denier’ does not know how much he earns and how much he spends
What is not measured is very difficult to control, for this reason, it is important to measure what your income actually spends. It may be that adding all the monthly expenses, both the largest and the smallest, you will be surprised at how much you spend on trifles.
#2. The one who ‘does not know how to save’ has not learned to spend either
Every day we are victims of a culture of consumption that always puts us on the edge of our ability only to acquire whims or sumptuary things. Before succumbing to these temptations, it is necessary to reflect and ask: can I live without this? What long-term benefit does this give me? Then, you can look more objectively at those luxury expenses such as those generated by sweets between meals, cigarettes, coffee, taxis, promotions, among others.
#3. It does not define the initial goals of saving
The savings must meet specific objectives. Initially, it is recommended to meet small goals that demonstrate the power of saving and allow you to change your way of thinking in the face of expenses. Thus, the first goal could be: “instead of buying that coffee in the morning, in two weeks with that money I will buy …”
#4. They keep their saving objectives secret
It is useless for the leaders of a family or any group to talk about saving if they do not share goals and commitments with all their members. C commitments make the process even more stimulating because collectively they will begin to look for how to cut expenses to improve the distribution of income.
#5. They do not detect or cancel the sources of their expenses
Analyze your consumption habits and break paradigms. It is possible to maintain a healthy and comfortable lifestyle by reducing expenses in internet plans, in the use of brands, even in the way of traveling. For example, by sharing the car with family and neighbors at least once a week, it will reduce parking, gasoline, and maintenance costs. What if you manage to share it twice a week, or three times?
# 6 They have ‘atomized’ debts
Many people leave their salaries paying credits for things that were left in the past, others have so many cards and credits that they do not really know where their allowance went. According to Diego Prieto, “you can sell your portfolio to another entity that charges a lower interest rate, and so the new fee will be lower. The interesting thing is to save the difference between the old and the new quota, assuming that the payment is made by the previous value “.
# 7 When they consolidate debts, they keep their old cards, with high interests
To define which card suits you, analyze features such as management fees and interests. The one with the lowest fee and the lowest interest will be the healthiest for your economy.
# 8 In your budget, you only save ‘what you reach’
By combating unnecessary expenses and adjusting your debts, you will have a healthier economy that will allow you to put savings among the priorities and not among the options. For that, look for applications that will allow you to make a budget and put the savings item within your expenses. Or with a spreadsheet, you can do this exercise. The apps of the banks also allow you to make a budget management, with your income, expenses and monthly savings.
# 9. They do not establish spending plans
Defining the expenses you can make will increase control and knowledge of your lifestyle and allow you to use revenue responsibly. For this, there are simple options, such as making the list of the market and buy what is really needed, instead of falling into the temptation to acquire something just because it is in a promotion. It is also very important to compare the prices of similar products and opt for the most favorable for the household budget.
Additionally, it is possible to save by taking advantage of the discounts for prompt payment of the bills or by going to ways that help reduce what is paid in public services, such as reducing the consumption of electricity and water.
# 10. They ignore what technology can bring
Nothing better than using solutions such as spreadsheets and applications or macros to organize budgets and payment plans to have visibility into your income, your expenses and, most importantly, your savings. Also, take advantage of digital banking and electronic payments to accurately know your expenses.
Less use of cash leads to a natural saving. Paying through applications helps you even keep track of your income and expenses. Nowadays, almost everything that is generated in electronic form is free; in addition, he stops running the risk of losing the cash if for some eventuality he throws his wallet or it is stolen.