This archive report was first published on 12 July 2021.
Published on July 12, 2021, saving money can be challenging, especially with numerous expenses like Netflix subscriptions and online betting. However, by implementing these 5 strategies, you can achieve your savings goal.
Pay Yourself First ¶
Popularized by Robert Kiyosaki, this rule emphasizes directing a portion of your income towards savings and investments before spending on other things. This method helps develop self-discipline, essential for saving a substantial amount of money.
The 30-Day Rule ¶
For those prone to impulse purchases, the 30-day rule can help avoid unnecessary spending. By waiting 30 days before buying something, you can determine if it's still needed, promoting conscious consumption and reducing impulsive purchases.
The 6 Pitchers Method ¶
Developed by Harv Ecker, this method involves dividing your income into six pitchers or envelopes. Allocate 55% for essentials, 10% for savings, 10% for entertainment, 10% for education, 10% for future financial freedom, and 5% for charity.
10% of Income ¶
For those who find the 6 pitchers method too complicated, setting aside 10% of your income in a separate account can be a comfortable starting point. You can adjust the proportion or set a fixed amount, such as 10,000 rubles, to suit your needs.
The Snowball Method ¶
Financier Dave Ramsey's snowball method involves paying off debts by focusing on the smallest loan first. After paying off the smallest loan, revisit your debt obligations and concentrate on the next smallest one. This method is suitable for debts with similar terms and percentages.
