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ACHIEVING FINANCIAL FREEDOM WITH YOUR CAREER
Saving Techniques For Employees By Detricia Pamba
Play With The 60/40 Rule 7KH UXOH LV ZKHUH \RX XVH DQG VDYH DQG vice versa is true. Playing by this rule will ensure that you always have something that is saved up in your bank account regardless of your spendings. The money you earn can help you start a side business or even invest the money in other things like the stock market or real estate. Open A Savings Account There are a lot of banks R൵HULQJ WKH VHUYLFHV RI KDYLQJ a savings account, what’s more interesting that that they are RIWHQ R൵HUHG ZLWK LQWHUHVW /HDUQ WR KDYH D GL൵HUHQW 62
Dar Life I MAY 2022
account for savings, this will help you not to spend the money you save, and with the interest in the picture, you will be able to save more money DQG DFKLHYH WKDW ¿QDQFLDO freedom you want. Don’t Spend Your Paycheck Before Receiving It This is the code word for debt. Spending your paycheck before receiving it is when you take loans or buy things that you may not even need, promising to pay after you receive your salary. This will set you back from your way WR ¿QDQFLDO IUHHGRP DV ZKHQ you get your salary, you will have to pay for debts instead of saving your money. Never Spend More Than What You Earn If it is possible, you are advised WR XVH RQO\ RI \RXU WRWDO
income. Since this is highly impossible for most workers, at least try not to spend more WKDQ ZKDW \RX HDUQ &XW R൵ things that are not important, minimize your budget for luxury things and live within your budget by keeping track of your spendings. Remember that spending impulses won’t KHOS \RX DWWDLQ ¿QDQFLDO freedom. The art of making and saving money is one that needs so much discipline. As an employee, they major advantage you have is knowing how much money you earn in a day or month, hence helping you to make a clear budget within your means. With patience and discipline, \RX FDQ DWWDLQ \RXU ¿QDQFLDO freedom.
Picture Courtesy of Ali Hamisi
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n this article I compile for you a few techniques for employees to be able to save some money while working on a 9 to 5:
