People often have questions about savings, spending and similar. In order to get these questions answered, we offer to watch a short video where most of these topics are covered. It’s a simple guide to make your budgeting easy and to forget about basic things you may have headaches daily if there’s no system in place.
As you can see it’s not that difficult and many of these tips can be applied today without additional income or by using any services.
You’ve probably heard about saving money. Maybe your parents have told you to save money for the future and unexpected things. In either case, people tend to forget about this when they see another ad about that new phone or laptop they like. It ‘t seem to be that important anymore.
Bank of America has created a very educative video about the savings topic and we’d like to show you what can be done and what are the common practices.
Few actionable tips how to save money
- Write down your own financial plan and keep it updated. If necessary, use services of a financial advisor.
- Use a credit card as rarely as possible, pay for your purchases with a debit card or cash.
- Ask the accountant to transfer part of your salary to a savings account or do it yourself.
- Pay your bills in time. This applies not only to credit but also to utility payments.
- Calculate the minimum funds needed for maintenance, utilities, transport, and other needs and try not to exceed it. This will be a good training for the willpower and help you understand where the money usually disappears.
- Find out what taxes you pay and how much. Do not forget that there is tax rebate and there is an opportunity to redeem money spent on study or treatment by completing a declaration to the State Revenue Service.
- Write a magazine and earn from ads.
Benefits of savings
- Save at least 10% of your monthly income.
- It is worth if you create a certain amount of cash on a daily basis that you can use for sudden spending in different life situations.
- It is often necessary to pay for doctors, dentists, repairs and other things.
- If you already have savings – it also gives you the opportunity to live a little cheaper. For example, you can buy more goods for sale or pay for it immediately, rather than renting or buying a product using credit options.
- The amount of savings you need depends on your lifestyle. If you, for example, live in a private house – you definitely need more than if you live in an apartment.