If, given the recent rise in the cost of living, saving seems like a utopia, you can try adopting practices that will pay off in the long run.
With the high costs of living that characterize this particular moment in the Italian economy, it may seem difficult to be able to set aside some savings while living the same lifestyle as always or in any case without making major sacrifices. however With small daily, weekly or monthly changes, you can definitely intervene in your habits and spending methods, reducing expenses by up to 30%.
In fact, with discipline and long-term commitment, you can learn wise practices to achieve greater financial stability And achieving satisfactory goals. From creating a budget to monitoring your expenses, from cutting unnecessary expenses to how you deal with any debt, let’s see below what are the most useful tips to help you manage your income – and expenses – and learn the art of saving.
The Ten Commandments of Saving
Many believe that the main trick to saving is not spending. It may then be helpful to know that with a few other simple steps you can avoid some expenses and set aside some savings Which will undoubtedly be an incentive to continue certain practices and see your portfolio grow. Let’s see together what are the ten most useful tips.
- When you receive your salary, you can first “save” a small portion of it like 10%, but a smaller amount is also okay, which can be a type of payment to yourself that must be scheduled on a specific day of the month. You can for example Set up an automatic transfer to a savings account.
- Setting a monthly budget is essential to save on a monthly basis and reduce your expenses For example, determining how much of your paycheck you want to allocate to a specific expense, including the amount you want to save each month. The following month it would be useful to reduce each allocated amount, for example, by 5 euros. If you spent 100 euros on something, you can try to reduce it to 95. If you cannot reduce the amount allocated to a particular item, you can choose another item and reduce it further. At first the difference will be imperceptible but this way in reality the savings will continue to accumulate and the amount will be much higher.
- More tips are those Reevaluate your debts by creating a precise plan to pay them off graduallyYou should focus on debts with higher interest rates before taking on additional debt.
- It can be very useful too Re-evaluation of financial productssuch as reviewing your car or home insurance costs, usually if you put in the effort by evaluating different offers, perhaps even online offers, you can get some cost reductions with huge benefits for your wallet.
- Certainly one of the biggest expenses is associated with the use of a car. Some might certainly consider walking to work, cycling, or using public transportation. Moreover, if you need to buy a new car, it would be convenient to choose a used car because a new car will lose more than half of its value in the first four years.
- Make wise choices about where you vacation: You can, for example, abandon the expensive coastal holidays organized annually and decide to change the destination or place of accommodation, for example choosing camping which can be fun and relaxing.
- If you pay fees to maintain your checking account, transactions or activate SMS You may consider changing lenders. Even if they seem like imperceptible measures, in reality they allow you to save tens of euros in the long term.
- With a little patience and a phone, you can search for the most suitable offers to change the tariff plan with a new telephone operator.
- Begins Organizing birthday parties and different types of celebrations at home Instead of booking clubs and restaurants
- The last tip, but not least, is to do it Always stay up to date with your knowledge of investment strategies and financial planning To maximize returns.
Those who start now will soon be able to see that something will change, but there is no need to rush, consistency and progress will make the results visible already in the first months and this will be an input to continue the new way of working aimed at saving.
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