Calculating your Savings!
Michelle Lalic
July 12, 2020
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Most of the time, the hardest thing to do is to start simply about saving money. A lot of people struggle to start when to save lots of money for future goals such as vacation, emergency funds, or retirement. As for this pandemic issue, people should realize that saving money is really important so that when we face again this kind of problem, we are all ready and good to go. No need to ask for government assistance.
I would like to share with you some ways to save money and how to calculate it.
1. Record your expenses. Keep track of all your expenses. List down your monthly bills so that you'll know how much and where your money goes. Decide which one to let go of.
2. Create a budget. Once you've got a plan of all your expenses, you'll be able to create your budget for the month and it should be served to your income. Your income must be divided into expenses, savings, and other emergency matters.
3. Plan on Saving Money. Now that you've created a budget, be determined to put away 15-20% of your income. If your expenses are too high that you can't save money, simply pick all the non-essentials. Lessen the times you spend money eating out and buying branded stuff.
4. Choose something to save for and decide your priorities. One of the simplest ways to save lots of money is to set a goal. Maybe you want to go to Korea someday for a one week vacation or planning to buy a car, then find out how long it'd take you to save for it. If you would like help determining a timeframe, there's this site that will help you calculate your savings, it's called Pigly.
This calculator makes it easy to figure out how much interest an investor will earn from a one-time deposit, a series of regular deposits, or both. This calculator does not account for inflation or income taxes. If you would like to factor those into your calculation please use this calculator.
5. Watch your savings grow. Always check your progress each month, so that you'll be able to fix issues quickly.
Saving money can be easier than you think. Start small and make short-term goals. And be productive and think of more ways to earn money so that you can save lots of it. Happy saving everyone!
