THE MONEY LOOK: Earn, save then spend ... remember

Saturday, December 30, 2023

Earn, save then spend ... remember

Earn hard work, but if you run out of money on time, you need to take a special approach to conservation. This is a way to keep you in a stronger position in the future.

There is a very old saying related to conservation. Earn, save and spend. If you have to save for the future while earning, this is an easy way. This is a line that you will always remember and never regret. Monika started earning from 1 year ago. Monika, an engineer by profession, was given exactly the same advice by his father.

As a result of his father's advice, he has accumulated a lot in one year. He also wants to buy his house in the next five years. Monika says that the formula given by Papa is working for me and I think my dream will be fulfilled in the future as well. Not just interest, the 'earn, then spend' formula can work for everyone. This rule is not difficult to accept, you just have to explain a few things to yourself. To maintain financial security in the future as well as in the future.

ALSO READ: How you can ensure The Child's Future? BEST MUTUAL FUNDS TO INVEST

Let's find out-

If you do not agree-

If you do not adopt this formula in your life, you may also face a lot of losses. Think of it this way: If you spend more than you earn, you'll start to run out of cash first. Deficits can sometimes be so great that you have to borrow. If you are already in debt, things can get worse. No one will ever run out of cash when you spend less than you earn,

secondly, this cash will not let you get into a debt situation. Even if you are in debt, this cash will put you back in a tough position.

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Meaning of earnings, savings, and expenses

It is important to know the meaning of income, savings, and expenditure before adopting the formula. Yes, you can know the meaning of these words, but we say the real meaning, knowing them you will be able to understand the real meaning of these words-

Earnings - Your earning skills

Expenditure - Your ability, which allows you to spend a lot of time thinking and living a comfortable life

Savings - Decisions made at the right time to continue earning growth

In fact, not everyone has the ability to do these three things in the best way possible. Some can do things better and some can do things. But better results are obtained when all three things are done well.

The hardest-

The most costly of these three tasks is cost management. In this whole formula, it can be said that it is difficult to learn the art of spending money in the right place.

However, it can be improved by making some changes. The more you earn, the more you will earn in vain if you do not follow the right method of conservation. Your goal should be to make a big difference between earning and spending. That means they are never equal. But how do we know-

. First of all, don't spend anything like this. Make sure you have a reason to keep every expense in mind.

There is nothing to wait for a sale for any purchase.

Refrain from paying interest. For this, you have to get out of debt first.

Economic It is important to remember the economy in big purchases and in low cost every day.

Traffic is a way to save money easily.

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You have savings privacy-

Looking at savings from the angle of saving through income and increasing savings is actually saving. In fact, anyone can save it for themselves and think of increasing it as real savings.

These savings can be further enhanced by investing in hard-earned money.

Buy less and sell more funds is very effective for those who save a lot. Many large investors do the same. They buy houses, gold, and shares at lower prices and sell at higher prices.

Others According to others, investing is not always right, so whenever you invest from a savings point of view, invest the money according to your needs.

You will be financially strong when you practice increasing your savings.

ALSO, VIEW: event happens while traveling abroad, how is it compensated?

Earnings must be fast and consistent-

Consistent efforts should be made to maintain earnings to maintain savings and expenses. For this, the carrier should always choose your choice it will be needed first of all. After that, perfect yourself so much that then the salary will always increase. Apart from these, if you have a hobby, you can earn money by fulfilling this hobby instead of forgetting it.

You make money by teaching painting to young children, like painting, or by selling paintings. There is one more thing that is not a regular earner but can certainly manage cash at once. This is a home store, products that are in perfect condition but unused can be sold to make money.

In addition to these, keep in mind that the first way to earn this money is to work hard and nothing else. This is the only thing that needs to be done regularly to keep earning for a long time and to keep up for the future and keep trying to keep earning. Being satisfied with a job and a limited income is ok but not always.

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FAQ

How to save in 3 steps?

Saving money is a crucial financial habit that can pave the way for a secure future. Follow these three simple steps to embark on a successful saving journey. Firstly, establish a budget by tracking your income and expenses, identifying areas where you can cut back. Secondly, prioritize saving by setting specific, achievable goals. Whether it's an emergency fund or a dream vacation, allocate a portion of your income to savings. Lastly, automate your savings by setting up automatic transfers to your savings account. This ensures consistency and removes the temptation to spend. With discipline and commitment, these steps make saving accessible to everyone.

What are the 4 steps to saving?

Saving money is a financial skill that empowers individuals to achieve financial goals and weather unexpected expenses. The four fundamental steps to successful saving start with creating a budget—track income, list expenses, and identify potential savings areas. Next, establish clear savings goals, whether short-term or long-term, to stay focused and motivated. Prioritize building an emergency fund, providing a financial safety net. Lastly, automate savings by setting up regular transfers to a designated savings account, ensuring consistency and eliminating the temptation to spend. By following these steps, individuals can cultivate a habit of saving and secure a more stable financial future.

What is the 30 day rule?

The 30-day rule is a financial strategy designed to curb impulsive spending and promote mindful consumption. The principle is simple: before making a non-essential purchase, wait for 30 days. This waiting period allows time for reflection, helping individuals discern between wants and needs. If, after the designated period, the desire to buy persists and the item is still deemed necessary, the purchase can be made with greater confidence. This rule proves effective in preventing impulse buys, fostering better financial decision-making, and contributing to long-term savings goals. Embracing the 30-day rule can lead to more intentional and prudent spending habits.

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