Do You Need Help Saving Money? The Advice for Frugal Millennials

We most probably have heard of the line saving for a rainy day, which is an essential practice for a financially sound life. Savings refers to money that you have set aside from your total income. It entails refraining from expenditure as a way of raising resources for later use. Savings have played a huge role in cushioning one from sudden occurrences that may plague an individual. Of every successful individual, one cannot achieve the heights of financial success without this principle of saving that is replicated throughout history.

Savings always play a huge role in one’s life. For one, they act as a plan B in the event where one loses a job, they fall ill or an unexpected occurrence occurs. They will help you get back on your feet without postponing or scraping off other plans. In addition to this, savings alleviate one from the burden of relying on loans for developmental projects. Hence, one is buoyed from the dependencies of credit which are notorious for setting one back financially should they default in paying back.

Saving too will come in handy during retirement. It is amazing how few individuals don’t see the need for planning for retirement whereas it is the time of your life you should savor the fruits of your youthful toil, and what a better way, than to store some of the income that you made.

It is quintessential to note that an individual with the insight to save must have heard of the 50/30/20 rule of thumb where 20% of your income is to be saved while 50% is to cater for necessities. While there may be no particular criteria on how to save, the initiative to retain part of your income is still ingenious. One could set aside in addition to the 20%, any loose change after purchasing items. Minimizing expenditure as much as possible while striking the balance so as not to live like a pauper could be a good way to ensure that you maximize an income.

As it has been said, the art is not in making money, but in keeping it.

 



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