We all know that the learning process involves experience and failure. By giving you simple and useful advice, we hope that it won’t ever have to cost you anything to become wise savers.
Let's begin with the most basic principles of how to save:
1.) Make Savings A Habit
Saving should be a habit. This is probably the most common advice you receive, but that's because it is the fundamental skill you must have to start your nest egg.
The easiest way to save is to set aside a portion of your salary regularly. You can check with your bank if they can set up your payroll account so that your savings will be deducted every payday. That way saving becomes automatic for you.
2.) Start Small
Start by saving an amount that you're comfortable with from your salary - 5 to 10% is a good bet for a novice.
Don't be overzealous and set aside half of your pay immediately; saving is a skill that you have to develop over time. You would have to unlearn a lot of wasteful spending habits first before your nest egg can truly grow.
Remember the old adage: "You have to learn to walk before you can run."
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