Our life is a representation of our dreams, it shows our achieved goals, what we still want and have not been able to turn into reality. As time passes and life experiences, our dreams change. What at one time was a priority or desire, is no longer. Some of us dream to travel around the world, others with a luxury car, with a beautiful house, with a profession, with establishing our own business and others with having the necessary resources to receive medical treatments to improve their health. Very different dreams, but they can all come true with the same resource, the money.
We all know how difficult it is every day to be able to earn money honestly and to be able to make our dreams come true, when we have to fulfill so many economic obligations. The only way to achieve this is to achieve economic stability, a state that can only be obtained through the use of savings. Resource that would only be obtained if we implement new strategies that allow us to use our money wisely.
Before introducing you to simple strategies you can implement to save money. It is important that you know the definition of the concept of saving. In the Encyclopaedia Britannica, Inc. it is defined as follows:
savings, the process of reserving a part of current income for future use, or the flow of resources accumulated in this way over a given period of time. Savings can take the form of increases in bank deposits, purchases of securities, or increased cash holdings.
As I mentioned previously, for the vast majority of people, it is very difficult to get the money despite long hours of work. But it is more difficult to be able to have a surplus to save, after fulfilling all your economic commitments. So if we want financial stability, we must start with setting a goal, saving money, and simultaneously developing a plan to achieve it. It is necessary that the savings goal have a purpose, in a certain time. For example: the goal of buying a car in the short term, traveling to a European country in the medium term or having economic stability that allows us to live peacefully after our retirement from work, as a long-term goal.
It is worth remembering that the goal of saving must be completely aligned with our economic reality, only in this way can we save and fulfill our commitments, without negatively affecting our lifestyle. Reason why before designating a daily or monthly amount for our savings, we must identify in detail all expenses. Therefore, it is recommended to make a budget that includes all basic expenses such as: food, electricity, water services, telephone services, house rent, loan payments, insurance payments, gasoline and car maintenance, personal care , medical care, entertainment activities, among others. Information that will allow us to compare our income versus our expenses, offering real data on our economic situation. Information that will help us determine if we have extra money to save or if it is necessary to make some cuts to reduce expenses and be able to save. Therefore, it will be very important to evaluate the budget on a monthly basis and determine if we will have to make any adjustments to achieve the established savings goal. In the event that it is necessary to make any adjustments, the best way is to classify the expenses between essential and non-essential. After classifying them, it is recommended to gradually eliminate or reduce non-essential expenses, looking for free or less expensive alternatives.
Strategy that is also recommended when making purchases. It is even recommended to take a prudent time before making any purchase, in order to clearly determine if the expense is necessary or just a whim. In addition, it is recommended to evaluate the prices and offers, in this way the money will be used wisely, without moving away from the savings goal and getting even closer to our dreams.
Another strategy that we must implement when saving is to look for guidance on banking services and products. In this way we will be able to select the services and products that increase and ensure our savings, according to our needs and goals. It is also very important that when defining our savings goals, they are in accordance with our needs and priorities, only in this way can we convert into our dreams, without financial problems and without affecting our credit.
Without a doubt, Saving is the perfect resource to make our dreams come true. It is one of the smartest ways to use and control money, because it allows us to buy and get what we want without affecting our finances. In addition, that it offers economic security and stability for us and our family, whether in times of abundance or austerity. So it’s never too late to start saving. We recommend that you begin to support small goals, such as having savings for emergency coverage. As soon as you experience the benefits of saving money in your lifestyle, you will see that everything we dream or imagine can become a reality, just by controlling our expenses and wisely increasing our savings.
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References:
Encyclopaedia Britannica, Inc. (2019) Saving. www.britannica.com https://www.britannica.com/topic/saving
Corbin. J.A. 25 Trucos para ahorrar dinero fácilmente. [ 25 Tricks to save money easily.] https://psicologiaymente.com https://psicologiaymente.com/consumidor/ahorrar-dinero
Consejos para ahorrar dinero. [Tips to save money.] https://bettermoneyhabits.bankofamerica.com https://bettermoneyhabits.bankofamerica.com/es/saving-budgeting/money-saving-tips-infographic
8 maneras sencillas de ahorrar dinero. [8 simple ways to save money.] https://better moneyhabits.bankofamerica.com. https://bettermoneyhabits.bankofamerica.com/es/saving-budgeting/ways-to-save-money
(2019) Su Dinero y Futuro Económico: Una Guía Para Ahorrar. [Your Money and Financial Future: A Guide to Saving.] www.dol.gov https://www.dol.gov/sites/dolgov/files/ebsa/about-ebsa/our-activities/resource-center/publications/savings-fitness-spanish.pdf
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