Develop the habit of saving


  1. Pay off debts.
    First, you need to eliminate bad habits. If you have debts, you are constrained, and a lot of your money is eaten up by repayments. So, you should focus all of your efforts on clearing the debts as soon as possible. Cut back on unnecessary spending wherever you can and put all of that extra money into paying off debts.
  2. Give up the spending mindset.
    Once you have paid off your debts, you must give up the spending mindset. Consider what you were buying on credit and whether it is really necessary. When you change your mindset and move away from unnecessary spending, you are no longer reliant on credit, and you can live within your means.
  3. Aim to save 20% of your money.
    Aim to save 20% of your money if you can. It might not be that much, but you must get into the habit of saving. However, everybody’s circumstances are different, and you may not be able to save that much. In that case, add up your expenses and see what is left over. Start saving whatever you can afford. The most important thing is that it becomes a regular habit, even if you are only saving a tiny amount.


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