Start your savings

It’s easy to decide to save money, but making that decision is often difficult. Everyone agrees to save in the long run. However, most are struggling to make it happen. To save money, you need to go beyond reducing your expenses, although this question may be problematic. A savvy investor needs to know how to look at the structure of his budget and how to maximize his income. In fact, to save money, you will need to set realistic goals, control your expenses and maximize your long-term assets.

1. How to deal with budget and expense

So before buying, just ask yourself if you really need it. You can also wait a few days before buying. In the case of a compulsive purchase, the envy will surely disappear by then. Also, be interested in minimalism, a philosophy that encourages you to stop wanting to own objects. See all the things that clutter your closets, your garage, and your cellar. Do you really want to spend money to add more? In this scenario you need to work very smart to solve your financial goal.

It’s no secret that in order to save money and find your way between spending and income, you need to budget. How to do? It’s very simple: start by listing on the one hand your fixed expenses such as rent, insurance, bills, etc., and on the other hand your income such as salary, social assistance, etc. This will give you a better idea of what is coming in and what is coming out, and especially of the amount available that you have left each month. If your expenses do not exceed your income this is already a good start.

2. Have to have a financial goal

Set short-term goals. For example: this month you want to save 15% of your total income. Once your routine is set up and it becomes easy for you to reach this goal, increase the amount little by little in this way, saving will become your habit over time. This will be your friend in hard days.

In addition, some banks offer an automatic savings account with a higher interest rate than a savings account. An amount must be automatically transferred to it each month, and you will not have to receive the capital saved before a certain period if you wish to benefit from the attractive rate.This seems logical but not necessarily easy to set up. If you have several loans, prioritize those with a high interest rate and pay them back as soon as possible. If you cannot manage your many loans, talk to your bank so that you can find solutions like credit consolidation.

3. Do not be discouraged

If you have difficulty saving money, you will lose patience more easily because you will think that your situation is hopeless. It may seem almost impossible to save the amount you need to achieve your long-term goal. However, be aware that it is always possible to save money, regardless of the size of the initial sum. The sooner you start, the sooner you will achieve financial security.

If your financial situation discourages you, consider consulting a financial consulting firm. Often such firms offer free services or at a very low price. They can help you develop a savings plan to meet your financial goals. You can also inquire at your bank.

It is widely accepted that housing expenditures are the largest. As a result, an economy on the cost of housing can help you deal with important issues, such as saving for retirement. It’s not always easy to change your lifestyle. However, do not hesitate to carefully review your housing expenses, if you have trouble balancing your budget.

4. Avoid expensive addictions

Bad habits can seriously undermine your efforts to save money. In addition, they will create serious addictions that are virtually impossible to overcome without help. Even worse, while many of these

Addictions can be extremely dangerous for your long-term health. Stay away from these bad habits to protect your wallet and stay healthy.

• Avoid smoking. Nowadays, the harmful effects of tobacco are well known. Indeed, smoking is the cause of many ailments including diseases and cardiac arrest.

• Do not drink alcohol immoderately. Having a drink or two with your friends does not hurt. However, excessive and regular consumption of alcohol is very dangerous for health and savings.

• Do not use addictive drugs. Substances such as heroin, cocaine and methamphetamines are extremely addictive. Their effects are extremely dangerous, even fatal. Their health consequences can be much more expensive than those of alcohol and tobacco.

5. Save in an emergency fund

If necessary, create one immediately with enough money to survive if you lose your source of income. Have a reasonable sum in a reliable savings account to deal with a possible loss of your job. Once you’ve covered your basic needs, consider putting a portion of your income in such an account to cover about three to six months of living expenses.

In addition to the peace that you will have knowing that you will be safe from need in case of professional difficulties, an emergency fund can also make you earn money in the long run. If you lose your job without having such a fund, you may be forced to take the first job that comes in, even if the salary offered is not enough. On the other hand, if you can survive for a while unemployed, you will have the opportunity to be more demanding and wait for a better paying job.


To be able to save money, you will only need to reduce some non-essential expenses, such as those for leisure or shopping (unfortunately, shopping does not fall into the category of vital expenses).You need time to realize big goals, like financing your retirement. During the execution period, the financial market will probably have evolved from the initial situation. Before setting your goal, you may need to do some research to determine predictions of market developments. For example, if you are at the top of your career, most analysts think that to maintain your lifestyle during a year of retirement, you will need about 60 to 85% of your current annual income.