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3 Tips for Saving Newbies

The crisis is a serious test for family finances. It is better to prepare for it in advance. But if it was not possible to form a financial airbag, then you can use the advice of experts. They told how to patch holes in the family budget, if possible, and assess its vulnerability.

Starting to keep track of income and expenses

An increase or decrease in income can occur imperceptibly, similarly with expenses. Therefore, you should make it a rule to keep records of expenses and income. This will provide an opportunity to determine the point when it is time to start paying more attention to spending.

Financial adviser Katerina Putilina explained that special mobile applications can be used to maintain such records. Another option is to upload data in the bank applications that you use when paying for purchases. According to the expert, a decrease in income by more than 30-40% is a reason to think, analyze the situation and take measures to writes RBC.

We increase income and reduce expenses

During the crisis, a good help is an additional source of income. Even if you have a full-time job, you can find a part-time job for a few hours. In this case, if the main source of income disappears, there will be a second one, albeit a small one.

The main question for beginners in saving is where to start and what items of expenditure to cut. Financial consultant Natalya Smirnova told me what to do first. According to her, the items of expenditure that will fall under the reduction should not affect the standard of living of a person. So what needs to be cut:

  • expenses on loans through refinancing;
  • tax expenses through tax deductions;
  • spending on assets that are not needed or not very profitable.

In the latter case, we are talking, for example, about a car. If you use personal transport once a week, then you can sell it, and as an alternative, use a taxi or car sharing (for trips once a week). Still, the car constantly requires investments and sometimes takes a significant percentage of income.

Secondly, you can cut unnecessary expenses. They also will not critically affect the usual way of life. According to Smirnova, one should go to restaurants less often and order ready-made food less often. If you are used to buying expensive clothes, then for a while you can abandon this and buy things from little-known brands that will cost less.

There is also a hard way to save money, the expert said. In this case, the salary should be divided: one part of the money should be set aside for vital expenses, including loans and a communal apartment, and the other part should be divided equally over the remaining number of days until the next salary.

We adjust the goal and live within our means

During a crisis, a specific goal should be set. Then this difficult time will pass less painfully. For example, you can give up the usual mug of coffee in a cafe for the desired purchase after a certain amount of time – whether it be a phone or a bicycle.

Some people are faced with the need to save money in a situation where money is already not enough. There are five easy ways save finances and in this case.

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