How would one feel if an unexpected financial emergency came up and they had no way of supporting themselves? What would you do if that stress was bombarded on you?
In this world filled with financial chaos, people are content if they even get to fulfill their expenses for the month; therefore, thinking to save money doesn’t even cross their minds.
However, that should not stop us from starting our saving journey, regardless of the amount we make each month.
Saving is a piece of cake once we educate ourselves properly and gather the tools needed to shield us from economic distress, accompanied by a sad wallet!
Here’s how you start:
Track your spending
While living in Pakistan, it is incredibly easy to run away from being aware of our expenses. We pour our money out on little things here and there, and by the end of the month, those little things end up being the sole reason that we run out of money.
You can use quite literally anything to start– a budgeting app, a spreadsheet, or even a notebook! Just have some way of keeping in check with your spending, and it will actually allow you to put money aside to save.
You’ll be able to identify the areas where you might have been a bit heavy-handed with your spending, and once you’ve spotted them, you can find ways to cut back!
Be it canceling your unused subscriptions or looking for ways to decrease your bills, being aware will be your first step to start saving.
Set up a Savings Account
Allocating a specific portion of your income to automatically be sent to our savings account will do a splendid job in protecting our money from being spent by us.
Additionally, a high-rate savings account will provide you with an above-average interest rate, and will not charge you any monthly service fees either, allowing you to be carefree when it comes to spending extra money.
You can also link your account with various apps, which will help you to stay connected with your account via your phone. How convenient is that?
All in all, treating your savings like an essential bill that needs to be paid firsthand will take the burden off your mind from the start of the month.
Invest in mutual funds
As overwhelming as the word may seem, investing does not require you to have a never-ending supply of money. In fact, investing is an excellent way to increase your earnings, as well as save them!
Investing in low-risk, moderate-return funds will build you a road that you can steadily walk on in order to gradually increase your savings.
It may take some time, but what doesn’t? With just a bit of patience, you can get a better return than just letting your money sit in a savings account.
You can get help from professionals to obtain prize bonds, invest in currency, and so much more. The world of investing will never let you down as long as you do it safely.
ROSCAS (Committee Money)
This is a popular trend in Pakistan where members of a community pool their money and allow one member to have that bulk sum every month.
Start small with just a 30,000PKR committee. This will allow you to get accustomed to the system and build your habit of setting money aside for savings.
Consequently, you can have enough money to achieve a bigger financial goal, be it buying an appliance or building a stable emergency fund.
Participating in a committee will save us from the overbearing tension that traditional banking services may bring. It can also allow us to start saving in a light-hearted way with people we can trust!
Stay Motivated
As minor as this advice may seem, it might as well be the most important thing you take away from this article.
If one month you’ve managed to hit your saving goal, or have come very close, share it!
Celebrate your wins with your loved ones and congratulate yourself for staying consistent. This will provide you with the support that is desperately needed in order to keep your financial journey going.
Remind yourself of the benefits that savings bring you. Think of the goal that you want to conquer, be it big or small. Doing these seemingly simple tasks will nourish your mindset so that you can head towards success with ease!
CONCLUSION
The essence of all the things written above is to firmly believe in yourself. Once you start to monitor your expenses, automate your savings, and invest in healthy ways, the rewards will only be a stone’s throw away.
The most difficult part is starting, so do it now. No goal is too big and no amount is too small. Experiment with different tools and techniques to adjust them according to your liking, and you’ll start saving like a champ!
No responses yet