In today’s world, where financial stability is a constant concern for many people, Science has provided valuable ways that can help you save more money.
(Also read: The habit of Bill Gates that he considered lazy, but it made him a millionaire.)
According to the “BBVA” website, Saving is the percentage of income that a person does not spend. This procedure is carried out in order to obtain financial resources for future expenditures, allocate them for specific long-term goals or keep them as a reserve in case of unforeseen situations.
However, experts believe that saving is definitely one of the most important financial behaviors. But it is also one of the most difficult to maintain.
Due to the lack of interest or economic constraints that may be present, all professionals agree that it is very important to set aside an amount of money, Either for personal desires or for an emergency backup.
(Keep reading: Working out alone? Keep this in mind.)
Although there is no magic bullet or definitive formula for perfect savings, Science supports some approaches that can help make it a solid habit.
Through these methods, even if it is in small amounts, it is possible to ensure that you are always dedicating a portion of your income to this practice.
Set clear savings goals
For years, social psychologist Roy Baumeister has researched willpower and self-control. It is suggested that having multiple goals reduces the chances of achieving any of them, so She recommends focusing on one savings goal.
The first tactic to save effectively is to set clear, realistic goals. Research indicates that a savings goal should be:
-specific: How much do you want to save? What do you want to save for?
– Measurable: It should be possible to measure your progress towards the goal.
– Reachable: Your goal should be realistic and achievable.
-Appropriate: The savings goal should be important to you.
Limited in time: You must set a specific time frame to reach your goal.
In addition to setting goals, It is essential to place obstacles in the places where you tend to spend the most money. If you find that your spending on groceries is high each month, you can choose to withdraw a certain amount of cash to set a clear limit on your spending.
Use cash instead of credit cards
Although it may sound unconventional, Choosing to carry cash only can result in less spending. Research has revealed that people tend to spend more when they use credit cards.
A study titled “The Effects of the Payment Mechanism on Spending Behavior: The Role of Experience and Immediateness of Payments,” concluded that past spending influences how it will be spent in the future, But the method of payment also plays an important role.
Credit cards are not seen as real money, and since the payment is not instantaneous, people often underestimate the impact of their purchases.
(Benefit: Income Statement: Myths and Facts as Presented).
Do not save cards to the browser
According to the web portal “El Economista”, another money-saving strategy is not to store payment data in the browser. Although this may be less convenient, It can be helpful in making you think before you make a purchase.
Have you ever had to give up on a purchase because your credit card was somewhere else? While this little inconvenience may seem insignificant, it can actually be a valuable asset in keeping your spending in check.
Share your savings goals with a friend
According to research presented in the New England Journal of Medicine, people are more likely to adopt negative habits if they have friends who also have them. This study revealed that Friends have a noticeable impact on people, even in financial matters.
If you decide to share your savings goals with a friend, they will likely help you stick to your savings plans by suggesting activities that fit your budget. Which may ultimately help you keep your savings plans on track.
Automate your savings with transfers
If you find it difficult to save money, The alternative is to automate this process. You can schedule automatic transfers from your main account to your savings account so you’re saving constantly without having to save manually.
Finally, the secret to successful saving is no mystery. It involves setting goals clearly, making sensible decisions, and committing to long-term savings. By following these strategies, The chances of reaching your savings goals increase more smoothly.
Emergency reserve: Savings provide a financial cushion in the event of an unexpected emergency, such as medical expenses or urgent repairs, and avoid resorting to exorbitant debt.
Achieve the goal: Saving helps you achieve long-term goals, such as buying a home, financing education, or retiring comfortably, by providing the resources you need to meet those aspirations.
Financial stability: Savings provide economic security and stability by creating a solid financial foundation, which reduces stress caused by financial uncertainty.
investment and growth: Savings can be converted into capital for productive investments, stimulating economic growth by financing projects and projects.
Crisis support: Savings help to cope with difficult economic situations, as they provide resources to overcome recessions and maintain the standard of living in times of adversity.
Maria Camila Salas V
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