Hello, will you like to know six strategies that can help you boost your savings? The truth is so many people find it hard to save money because of the following reasons;
- Some people feel they do not have enough money
- Some people are spendthrift
- Some people believe that “they just have to live for the now”
- Some people assume that they will save only when they are older etc
So why is it possible for some people to save when others are finding it hard?
Below are some tips you can use to boost your savings.
SIX TIPS TO BOOST YOUR SAVINGS
The following tips can be used to improve and boost your savings.
Know why you want to save
You must have a reason for saving money before you venture into it. Honestly, saving money is tedious and your reason for saving money is what will drive you towards achieving it. For instance, you can decide to save money for any of the following reasons;
- to buy a car
- to buy a house
- children’s education
- for retirement
- for pilgrimage etc
Be determined and stick to it
Saving for the future is difficult so, you need to be determined to achieve it.
Set a savings rate
You can decide to set apart 10%, 5% or 3% of your monthly income as savings. The reason for setting aside a rate is to guide you and help you monitor your progress.
You may also decide to set aside a particular amount either daily, weekly, monthly or yearly for savings.
However, you must not compare yourself to another person. If you know you will be faithful saving daily, stick to it.
Automate your savings
This is another strategy you can employ in order to boost your savings. For instance, you can place a standing order in your bank for funds to be transferred to an account you have set aside for savings. You can learn more about automating your savings HERE.
Get a side job to increase your income
It is advisable that you do not rely on the money you get from one job. You honestly need to make more money in order for you to save well. So, it is advisable that you engage in other activities that can help you generate funds. You can get a part time teaching job or set up an online business. You can also sign up to become a delivery agent on isabiDeliver as a side job HERE
Do not engage in frivolities
Another tip to boost your savings is to reduce frivolous activities. You need to eliminate activities that increase your chances of spending money. You should ensure that you spend less time at the bar, reduce or eliminate partying and try to cook your food as eating outside makes you spend more.