How to increase savings and reduce expenses?

When you are in urgent need of money, it is often more convenient to use your own savings.

Here are some simple tips that will help you to increase your savings and reduce your expenses.

Reduce your expenses

  • When you receive your salary, separate it into envelopes for: invoices, food, daily expenses, unplanned expenses, rest and savings. Do not spend more than you have on the envelope and do not touch the savings envelope.
  • Shop according to the list or be guided by the photo of the refrigerator or cabinet in the kitchen.
  • Set a daily budget for food and relaxation expenses.
  • If you have found an item you want to buy, ask the seller to put it aside for you for 2 days and make the purchase decision when the term expires.
  • Decide in the morning how much you will spend on that day and respect the established ceiling.
  • Buy Christmas presents in September, until prices increase.
  • Replace simple electric bulbs with energy saving ones.
  • Unplug appliances when not in use (chargers, microwaves, etc.).
  • Close the water jet while brushing your teeth.
  • Turn off the light every time you leave the room.
  • If you want to boil water for a cup of tea, boil as much as you need, thus saving energy.

Increase your savings

  • Each time you earn income, save a part of it.
  • If you have multiple sources of income, save the money you obtained from one of the sources.
  • If you do not have a fixed income, each time you earn more than MDL 10,000 (for example, MDL 10,500), save the amount that exceeds the ceiling (for example, MDL 500).
  • By receiving a bonus / premium at work (for a month or a year), set aside the full amount or a part of it.
  • Each day set aside a small amount, for example MDL 20. At the end of the year you will have MDL 7,300 collected.
  • Each time make a purchase, set aside a small amount. For example, if you spent MDL 150, set aside MDL 15.
  • After shopping, put aside the rest you have received. Put the money in a jar and place it in a visible place.
  • Start collecting certain banknotes or coins, for example MDL 1 notes and 50 bani coins.
  • When leaving home, remove all the coins from the wallet and place them in the jar.
  • Prepare for the winter holidays ahead of time, setting aside MDL 200 each month starting in June.

 

Source: http://mfc.org.pl/check-your-financial-health/

Be informed when choosing your financial partner.

GMW March 25 – 31, 2019

www.globalmoneyweek.org

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