The skill to set aside funds is useful at all times, because the presence of savings has not hurt anyone yet.
But in all measurement is important. The main thing is to save without fanaticism and not to confuse saving with greed, otherwise you can repeat the fate of Henrietta Green, nicknamed the “Witch of Wall Street”.
She lived her whole life in austere and spartan conditions, even though she held hundreds of millions of dollars in her accounts.
In the modern world, there are many temptations to spend money. Savings difficulties are encountered by people who have a stable income, but who do not have the right strategy. The founder of the financial education school DEFIN, Natalia Ivanova, explained how to start saving some of what you earn.
How to start saving money
The expert noted that to begin with, income and expenses should be compared. Often, the second point dominates the arrival of money. Ivanova pointed out that this is the “pain point”, reports Life .
It begins the path of accumulation. It is necessary to determine what exactly pulls the budget to the negative. All expenses should be reviewed and allocated to what is really needed.
Also, it’s important to figure out how much you can save each month. But Ivanova believes that it is not worth keeping money “under the mattress”, it is better when savings are growing, for example, in a bank.
The key to success, according to the expert, is to set realistic goals that can be achieved each month. Ivanova stressed that the accumulation of money is quite a long process, which requires patience, discipline and perseverance.
