Want to start saving money and do not know where to start? Is this not an excuse to get on the road? In this article we make it easier for you to do the work. Do you know how to save money?
Start Saving Today!
The earlier you start saving the more you will accumulate. This statement is true not only because of the effect of compound interest on their money but also because of the creation of saving habits. Avoid stalling at the beginning of the path, otherwise you will never start it. Make excuses and start today to apply the plans you set to achieve your goals. Even if it is from € 1!
If you start today a monthly savings plan of € 50, if you keep going for the next 20 years and get an average return of 6% a year, it will accumulate appreciably € 23,100. If you start in 5 years, to have that same level of savings you will have to put aside € 80. As you see, 5 years of life lead to have to make monthly deliveries worth 60% higher!
Define Savings Objectives
To define your path you should know the starting point (your current situation) and the point where you want to reach (your goal). In any way, goal setting is just as important as identifying the starting point, being key to orienting your energies and motivating yourself towards something.
When we talk about investments, the goal is usually associated with both the value of the assets they wish to accumulate and the value of the annual return to achieve this objective.
Do not Compare with Neighbor
The human being tends to compare. We want to be better than others. Have better cars. Looks better. Ultimately, the “neighbor’s chicken is always better than mine”. The comparison is dangerous because it turns out to be harmful. In the world of investments, we tend to compare returns and wealth in a comparison completely disconnected from reality. So we suggest that you focus only on your portfolio and your investment strategy. The results will eventually arrive.
The worst enemy of saving is comparison. Perhaps we compare ourselves with lack of self-love. Because we want to assert ourselves for material goods … but we must never forget that the neighbor’s chicken is always better than ours, even if it was bought on credit or at the fair!