15 de September de 2023
Did you know that maintaining a positive attitude at work increases productivity by 12%?
Get positive once and for all from Monday to Friday with the following motivational techniques.
Knowing how to manage your own resources is almost an art. You need a strategy, master some fintech or digital tool that allows you to make calculations and see graphically how your expenses are going and, above all, a lot of vision for the future. In this post, we will talk about how to design your personal savings plan so that you never say that again: I can’t make ends meet!
Over time, we have learned that proper management of our economy is essential to achieve financial stability and achieve our goals and dreams, which is why, from a young age, we need to have a clear concept of what money is and how to distribute it in depending on our needs.
If we want to start saving, but seriously this time, the first thing we have to do is create a realistic savings plan that is in line with our level of income and personal conditions. First of all, it is necessary to understand that a savings plan is a financial strategy that helps people to rescue a part of their income in a constant and systematic way in order to invest it in a project in the medium-long term. In other words, an effective savings plan considers all the variables to calculate the exact amount that can and should be saved every month.
One of the main objectives of the savings plan is to create financial stability and draw the lines of allowable expenses to avoid unnecessary and impulsive purchases that make us lose control over money.
To design the savings plan that best suits the needs of each family or person, there are several types of savings plans, which we will see below:
As you can see, these are the most common types of savings plans, but even so, these can be further customized with other conditions that may be agreed with the bank in question.
You are finally aware that you need a savings plan in your life! But do you know where to start? First of all, the most important thing is that you arm yourself with willpower and don’t put it off any longer, because it will cost you more to get used to it. Once psyched up, follow these steps to develop a savings plan:
Set clear goals: define exact amounts of expenses, income and savings. Think about everything well so that you do not forget any relevant information. Experts recommend starting with small savings goals and gradually increasing them.
Control income and expenses: first consider the monthly fixed expenses, the income, and then the less important habitual expenses to detect the most dispensable.
Design your strategy: this is the time to compare prices in supermarkets, consider other mobile rate options, look at what other utility companies offer, take advantage of offers, etc. Surely, you realize that you can cut a lot, although this work requires a period of research and constant attention to the market.
Use the 50-30-20 rule: it is very easy to explain, but you have to plan not to get out of it. It works like this: 50% for basic expenses that are essential, 30% for specific expenses, 20% for savings.
How could it be otherwise, new technologies also help us with personal finances and, thanks to Fintech, we have several applications within our reach with which we will better control our expenses. Meet some of them!
Now that you know the most important guidelines for developing a personal savings plan, it’s time to put them into practice and continue learning more about professional and personal development with Educa.Pro. Join our newsletter!