How to Save but Not Reduce the Quality of Life?



The lower the family income, the more critical the question of creating savings is. A financial cushion will save you temporary work problems, salary delays, and unexpected expenses. Small loans can save for a certain time, but they also must be returned, so the issue becomes even more urgent. How to save, form a financial cushion, but, at the same time, not give up your quality of life? Financial company Payday Depot is ready to answer this question.

How to start saving?

Creating savings is a painstaking process that will require you to review your family budget in detail. Two main rules will help you here:

  • Prioritize current and future financial freedom.
  • Save money regularly, not occasionally.

If you don’t think you have extra money to put aside, start with the minimum amount. Training the skill of a careful and thoughtful attitude to money can start from childhood, so you will be able to go through the next steps.

Lead personal financial accounting

Keep track of your finances in any convenient way: in a notebook, in a special program, or in an Excel table. A small budget coupled with uncontrolled expenses is a disaster. Accounting should include the most important expenses: for life, food, car maintenance, mandatory loan payments, insurance, education, etc. You cannot write out all the expenses down to the cent, but clear planning together with accounting allows you to keep the budget under control.

Choose a financial goal

Set a goal that will inspire you to save money. Let it have clear deadlines and be clearly defined and achievable. So, it will be easier and more pleasant for you to approach it.

Create a family financial foundation

Keep a reserve in a separate account for urgent needs: for example, medical expenses. If you save about 10% of your income, it will not affect your quality of life, but after a year, a similar amount will become noticeable.

Set clear spending limits

Determine the maximum amount you can spend each week or month and try not to exceed that sum. If you spent less, give yourself a gift and buy something nice for yourself.

Cutting expenses it is one of the first steps for those who want to save money without losing their quality of life

Manage money correctly

Many people stand firmly on their feet, although their salary is not higher than the average. It’s all about budget optimization:

  • Planning large purchases protects against impulsive spending. The more impulse purchases you have, the worse your financial situation becomes.
  • Using credit funds only for large purchases allows you to spend less on loan servicing. Don’t go into debt on things you can easily do without.
  • Buy things that are useful instead of something that brings instant gratification but has no real value.
  • Take advantage of discounts, and follow the prices of necessary and important things, but do not become victims of marketing. Buying a set of necessary products at attractive prices is a useful business. But take exactly as much as you need because discounts are aimed precisely at the fact that buyers spend more. This is a budget trap. Use discounts but only for your benefit.

All financial experts emphasize the need to keep home accounting. Robert Kiyosaki emphasized that independent money management and personal accounting are the way to financial freedom. At first, you may find it difficult to plan and control your expenses. Eventually, you’ll get used to it, and your finances will become something you can be proud of. As for the quality of life, it will only improve with this approach.

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