All tagged ways to save money

How to Budget & Release Frustrations About not Having Enough Money

Vangile
Budgeting

For the first time in my life, I have an investment portfolio and am focusing my attention on growing this portfolio.

Getting to this point has been a journey of emotional ups and downs.

One of the emotions I struggled with for years was frustration and anger about money and not having enough money to buy food, let alone save or invest.

Learning how to budget and plan my finances was one of the ways I saved money. Even now, a budget helps me see where my money is going and to keep track of all my finances.

Ways to Save Money (and Applying For a Bank Loan)

Vangile
Budgeting

i. Save and invest 10% of your gross salary for retirement

Pay 10% of your gross income towards your retirement plan. It’s tax deductible, which decreases the amount of tax you pay on your salary.

ii. Create a budget

List all your income and expenses and subtract your income from your expenses. Save 10% of your net income in a savings account for emergencies. Open up a savings account and make sure you save 10% of your net income every month. This is your emergency fund.

Note: when you create your budget you should align your expenditure with your vision for your future. Eg: if your goal is to move up the career ladder, then part of your budget should be allocated to studies.