1️. Start saving as you can, Saving a little is not bad but you have to save every month.
- Initiate your savings by starting with an amount you can comfortably and consistently set aside.
- Try doing numbers on income and expenses to see how much you can actually save.
- Make sure you are confident you can actually and consistently save (consistently is the most important)
2️. Prioritize Savings:
- Saving before paying
- Deduct your savings before allocating funds for other expenses.
- Option for automatic salary deduction for a seamless savings process for example automatically reduce from your bank account.
3️. High-Interest Savings:
- Begin by saving in a high-interest savings account.
- Explore options like savings gold and in high-interest savings bank then gradually progress to more in-depth investments like funds and stocks.
4️. Expense Management:
- Allocate the remaining money from your savings for fixed expenses such as rent, utilities, debt payments)
- Calculate your daily expenses (travel, food, personal items) by dividing the remaining amount by 30 days.
- Trying to avoid touching your saving
5. Emergency Fund:
- As you build your savings, allocate a portion to an emergency fund.
- Aim for 3 to 6 months’ worth of living expenses to provide a financial safety net.
- This fund acts as a buffer in unforeseen circumstances, preventing the need to dip into long-term savings.
Keep in mind, that managing your money is an ongoing thing. Check-in regularly and adapt your plans to fit any changes in your money situation and goals.
