STEP BY STEP GUIDE TO EFFECTIVELY SAVE MONEY

If you have read my post on How To Train Your Brain To Save Money, now is the best time to do some doable steps towards achieving your goal!

You are not alone on this financial journey, we all are indeed!

So, here are some of the easy in its simplest ways of saving money for our own specific goals.

1. Open a bank account

Yes, it is of supreme importance that we have the safest ways to safe keep our hard earned money.
It is of utmost preference that you open several accounts to various banks favorable to you.

(Here are some of the List of Philippine Banks And Their Requirements you may choose which among these banks are more convenient on your end.)

It is particularly recommended that you open several bank accounts each for a different purpose.

Probably you may open Bank#1 for Emergency Fund, Bank#2 for Retirement Fund, Bank#3 for Travel Fund and the list goes on..it is totally your preference how you allocate them accordingly..

2. Increase your cash flow

It very important that you find a sideline job aside from the job that you have now. Should I say, do not just depend on a single income!

Hey, let's work our ass off! There are so many ways to earn money..there are these several home base jobs online you just have to be more resourceful and make google and youtube be your best friend again!

You can sell anything even your skills can take you places! If you think you do not have a skill to offer that is way too impossible! We are all born to have it! It is just waiting for you to harness it! There are a lot of free tutorials online..nothing to worry everything is served freely right at your very plate! It is just you that needs to work it out!

3. Empty out your wallet before you go to bed.

Make it a habit to check on your wallet before going to bed. All the money left inside it must be safely kept on a separate container which you could probably label "extra" or any label which you desire to be a helpful mindset in your saving journey.

And after emptying your wallet every night refill it in the morning with the right amount that you could consume for the entire day.

Stick to this routine. Smack your own hands when you are about to be tempted to take money out from your daily budgeted amount to be consumed.

Do this every day until your body and mind automatically get to your system and I tell you, there is a sure way of seeing money magic every end of the month upon checking on your container!

Simple, yet when done in a basic routine this could eventually pile up to prosper!

4. Set a clear cashflow formula.

Just like what we mostly encounter and this beautiful idea has been taken for granted by so many, that is the difference between the "Formula of the Rich" and the "Formula of the Poor".

The formula of the Poor:

Income - Expenses = Savings

The formula of the Rich:

Income - Savings = Expenses

Can you see a huge difference? I bet you did! So to speak, that this Formula of the Poor clearly speaks of those people who wanted an instant gratification before allocating an amount for their future.

These are the people who grasp the thought of YOLO (You Only Live Once) hey! wake up we all know that! That is why we need to have a thorough financial analysis so that at a given point of time we can finally be enjoying the YOLO lifestyle.

Or worst this might happen,
Income = Expenses

That clearly speaks that no matter how huge your income is when your expenses are just of the same amount obviously nothing good happens with your life!

Or what's even worst after all that might happen,
Expenses > Income

That obviously assert that your expenses are more than that of your income, and so, you impulsively find ways to cope up with your finances, so you are now starting to go on the debt until it piles up too high and drown you..and worst, your ship will surely sink!


While on the other hand, when you pay so much attention to the Formula of the Rich being rich will indeed be right about your reach!

Income-Savings=Expenses

This goes to impose that you need to:

Pay yourself first = Save First

And what is left is what you go about spending! Isn't it that simple? When you go about it as a routine, then the process of doing it on a daily basis is never that impossible to do!

Here is a very doable sample formula for successful savers:

10%tithes + 20%savings + 70%Needs and Wants

Although you may do it your way..your most favorable and comfortable way!

Everything is really been just the magic of slowly and repetitively changing your thinking and your way of life that will bring you to your financial goal and at most to your most awaited financial freedom!

Always keep in mind that what you focus  on expands that's the "Law of a
Attraction".


Always remember, that there are always possibilities in every impossibility just have a handful of courage as you go through the journey of life!

-CourageAndPossibilities-