Low Salary? Follow This Saving Tips For Youth
Low Salary? Follow This Saving Tips For Juvenile – Youngster like you in 20 yo. still had difficulty for saving?
The most youngster in their 20s, on average, have the same reasons, namely having a low salary so they find it difficult to save.
But actually, there are saving tips for young people in their 20s that you can apply. So, don't worry about the minimum salary being the main reason you don't start saving.
Say that at your current age, you have just graduated from college and may have just been accepted into a company. Salaries are still small while many needs must be met.
But on the other hand, you may not have a fixed dependency because you have not had a family and do not have assets to pay in installments.
Therefore, saving should be one of your priorities because savings can be used at any time as a daily meal or emergency fund, to buy assets, businesses, even to invest.
If you can't wait to follow some saving tips for the youngster in their 20s that are certainly effective, try learning and practicing these tips below.
5 Saving Tips for Youngster in their 20s
1. Try Adding Income and Reducing Expenditures
Try starting from getting used to increasing income and reducing expenditure figures. Today, especially with the rapid development of information technology, you can use your expertise to create a source of side income.
Try selling your skills as a freelancer, whether it's in the fields of graphic design, programming, writing to translation, digital marketing, and so on.
There are lots of marketplaces that bring together clients with freelancers like Fiverr or Projects.co.id, so don't hesitate to register at the marketplace and find your first client now.
Or, get side income from ads on the blog. Create a blog then fill with interesting content to be visited. You can also write ebooks or other digital products and then sell them on the blog.
On the other hand, keep reducing your expenses. For example, if you watch movies in theaters once a week, reduce them to once a month.
If you usually eat lunch at a restaurant or at a cafe every day, reduce it to 2 times a week and so on. Transportation is the same, looking for the most home and still in accordance with you.
2. Start Prioritizing Where Your Money Must Be Allocated
Sort the purpose of using your money from time to time based on the level of priority. Because your goal is to save, then try prioritizing your income to save.
Try to save and invest in the highest priority than the obligation to pay installments and expenses for other needs.
By following the scheme, there are no more reasons not to save or invest because the money is insufficient.
3. Invest Gradually
If there is money that can be saved, set aside also gradually to invest.
Why?
Saving is profitable because it can be used as an emergency fund, where once you need it, you can withdraw money anytime from savings.
Saving can also help you meet every need according to the nominal. Conversely, if you only depend on savings, your money will be reduced in value gradually.
Firstly, the majority of banks charge administration fees every month and are automatically deducted from your nominal savings.
Secondly, every year inflation will reduce the value of your money.
Thirdly, the tendency to have money in savings that in fact can be taken at any time can affect your behavior to be more wasteful to buy this, that.
Investment is important because the value of your money is not reduced but instead increases according to time, especially because of the effect of compounding.
4. Avoid using a credit card
In many cases, it must be admitted that credit cards to make it easier, especially more efficient when they want to meet a need. It's just that if your goal is really to save, try to avoid using credit cards as much as possible.
There is a saying that, "The money you don't see is the money you don't miss". Psychologically, the amount of money that we don't see is indeed easier to give up.
Meaning, using a credit card because the money is physically not visible tends to affect us to be wasteful.
In the end, increasing the use of credit cards was tantamount to increasing the amount of debt and actually burdening the bill. What is there is not to increase the amount of savings even because the bill continues to swell?
So, still, want to depend on what is called a credit card? Try to think about it again.
5. Don't try to be in debt
In addition to credit card debt, now there is much access to loans, especially since the internet is very easy to access.
But remember, the easier it is to access loans, the wider the 'debt hole', especially if it is used for less productive purposes.
For example, you apply for a quick loan to buy an iPhone X. iPhone X cannot be an asset that produces because it cannot directly generate money for you, and if it is sold the value will continue to fall.
How can you save if you explore the 'hole of debt' yourself deeper when applying for loans for things that are less productive?
Even if you decide to apply for a loan, use it for productive needs such as business capital loans.
So think again, is the purpose of applying for a loan really for productive needs? If not, don't submit!
Because it will be increasingly difficult for you to save if, on the other hand, you have to close the bill for the bill of the debt that you created.
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