do you have any tips on saving up?
- Thread starter Asodey
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Helped me save a load last year and this year
50/30/20 rule
Use 50% on needs
Use 30% on wants
Use 20% on savings
Use 50% on needs
Use 30% on wants
Use 20% on savings
As other have said, put most of the money away if you can.
My way of doing this is putting money I want to save on a bank account with no card tied to it and no way to withdraw money except actually going there. That way, I'm just too lazy to withdraw it if I don't really need it
My way of doing this is putting money I want to save on a bank account with no card tied to it and no way to withdraw money except actually going there. That way, I'm just too lazy to withdraw it if I don't really need it
Start an Emergency Fund
Save $500 to $1000 for emergencies. Having this will help you not touch your savings when you get into trouble and need some extra cash.
Build up a Job Loss Buffer
Save 1-2 months of expenses as a buffer in case you lose your job or if you are a freelancer etc. You should grow this over time and eventually get it up to 1-2 year salary (or around 10% of your wealth). It's best if this money it easily reachable, but not easily spendable. Put it in a seperate account in your bank that you can transfer into an account where you can spend it with a debit card etc.
Be Frugal
On the day to day or month to month side you need to focus on being frugal if you want to grow your wealth properly. Fill your brain with youtube videos from guys like:
Track you Wealth
Another thing that helps me save is a monthly report about my wealth. I have a simple spreadsheet that tracks all my earnings and expenses grouped into a few categories and totals for any investments or savings.
Invest Longterm
It;s good to buy and hold long term and diversify your investments across a few classes. I maintain a portfolio which is currently:
Save $500 to $1000 for emergencies. Having this will help you not touch your savings when you get into trouble and need some extra cash.
Build up a Job Loss Buffer
Save 1-2 months of expenses as a buffer in case you lose your job or if you are a freelancer etc. You should grow this over time and eventually get it up to 1-2 year salary (or around 10% of your wealth). It's best if this money it easily reachable, but not easily spendable. Put it in a seperate account in your bank that you can transfer into an account where you can spend it with a debit card etc.
Be Frugal
On the day to day or month to month side you need to focus on being frugal if you want to grow your wealth properly. Fill your brain with youtube videos from guys like:
- Graham Stephen
- Nate O'Brien
- Matt D'Avella
Track you Wealth
Another thing that helps me save is a monthly report about my wealth. I have a simple spreadsheet that tracks all my earnings and expenses grouped into a few categories and totals for any investments or savings.
Invest Longterm
It;s good to buy and hold long term and diversify your investments across a few classes. I maintain a portfolio which is currently:
- 32% Cash
- 43% Pension
- 13% Crypto invested in Blockfi
- 8% Stocks, REITs and ETFs
- 3% P2P Lending
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