Being money wise means saving and investing your money in a way that is unique to your needs. Having a sound savings plan is as important as choosing the right account. Every savings plan should start with a goal you’re aiming to achieve. Saving your money each month is a powerful tool in reaching the next step in your journey. Whether you’re saving for a new car or rainy day, you need to be money wise with the way you do it.
The more you understand how much money you spend on a daily basis, the better you become at saving it. If you are going to commit to saving, you need to start with a plan. Three basic steps to follow towards a great saving plan:
1. Set a goal
– Setting a savings goal helps you to stick to your plan.
– Decide what you’re saving for and why.
– Set yourself a time frame to reach the goal, and see what your budget allows.
2. Create a budget
– Make a list of all the things that you pay for in a month.
– This should be broken down into the things that are essential such as rent, utilities and grocery bills.
– The longer you stick to your budget, the more money you will save for the next step in your journey.
3. Be disciplined
– Make a list of all the things that you pay for in a month.
– This should be broken down into the things that are essential such as rent, utilities and grocery bills.
– The longer you stick to your budget, the more money you will save for the next step in your journey.
Also see: Smart spending guide
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