how to save money
TRANSCRIPT
How To Save How To Save MoneyMoney
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IntroductionIntroduction
Most people around the Most people around the world do not know how world do not know how to deal with money. to deal with money.
The number of people in The number of people in serious debt has never serious debt has never been higher, with many been higher, with many teenagers and adults teenagers and adults seriously clueless about seriously clueless about the most basic financial the most basic financial knowledge.knowledge.
IntroductionIntroduction
One of the alternatives to One of the alternatives to face financial problems is face financial problems is to save money.to save money.
Saving money is neither a Saving money is neither a science nor an art; rather science nor an art; rather it is somewhere in it is somewhere in between and requires between and requires your commitment and your commitment and hard work. hard work.
IntroductionIntroduction
Saving money Saving money takes time to takes time to develop, needs to develop, needs to be learnt, and be learnt, and brings benefits that brings benefits that will endure for the will endure for the rest of your life.rest of your life.
Strategies Strategies To Save MoneyTo Save Money
Set Saving GoalsSet Saving Goals
Short-term goals: it is easy. Short-term goals: it is easy. If you want to buy a video If you want to buy a video game, find out how much it game, find out how much it costs, costs,
Long-term goals: it is not so Long-term goals: it is not so easy, such as retirement, easy, such as retirement, you’ll need to do a lot more you’ll need to do a lot more planning and you’ll also planning and you’ll also need to figure out how need to figure out how investments will help you investments will help you achieve your goals.achieve your goals.
Establish a TimeframeEstablish a Timeframe
For example: "I want to For example: "I want to be able to buy a house be able to buy a house two years from today." two years from today."
Set a particular date for Set a particular date for accomplishing shorter-accomplishing shorter-term goals, and make term goals, and make sure the goal is possible sure the goal is possible during that time period. during that time period.
If it’s not possible, If it’s not possible, you’ll just get you’ll just get discouraged.discouraged.
Figure Out How MuchFigure Out How Much
Figure out how much you’ll Figure out how much you’ll have to save per week, per have to save per week, per month, etc.month, etc.
Take each thing you want to Take each thing you want to save for and figure out how save for and figure out how much you need to start much you need to start saving now. saving now.
If it is not realistic goal, so If it is not realistic goal, so adjust your timeframe until adjust your timeframe until you come up with a possible you come up with a possible amount.amount.
Keep a RecordKeep a Record
Keep a record of your Keep a record of your expenses. expenses.
What you save, how What you save, how much you make and much you make and how much you spend. how much you spend.
It's wise to take a critical It's wise to take a critical look at your expenses.look at your expenses.
Make a BudgetMake a Budget
Write down a budget Write down a budget so you’ll know each so you’ll know each month you can spend month you can spend on. (E.g. "I will only on. (E.g. "I will only spend $30 a month on spend $30 a month on movies/chocolate/coffemovies/chocolate/coffee/etc.")e/etc.")
Stop Using Credit CardsStop Using Credit Cards
Pay for everything with Pay for everything with cash. cash.
Don't even use checks. Don't even use checks. It's easier to overspend It's easier to overspend
when you're pulling when you're pulling from a bank or credit from a bank or credit account because you account because you don't know exactly how don't know exactly how much is in there.much is in there.
Lico Reis Lico Reis Consultoria Consultoria & Línguas& Línguas
Prof. Lico ReisProf. Lico Reis
www.licoreis.comwww.licoreis.com
[email protected]@licoreis.com