One of the excuses salary earners have against savings is, their salary is not enough for their monthly expenses. As a salary earner, have you had this excuse before?
Most likely yes. If so, here are some tricks you can deploy to save money from your salary.
Set savings goals
When you engage in a task without a goal in sight, you will most likely lose motivation. To save from your salary, ask yourself what you are saving for. This might be for a new house, car, or any other property. It can be for emergencies, or you might just want to store cash for now, while you look out for investment options.
Save before you spend
You must have heard this from some financial experts. The truth is, even your salary might not be enough for your needs. In fact, needs and wants expand to equal or surpass the amount we have, and vice versa. In other words, you spend more money when you have more money, and spend less when you have less. However, if you take out your savings first, you won’t have any other option but to spend what is left.
Save your salary increases or bonuses
Are you familiar with the law “Expenses will always rise to meet income”? When your salary increases or you are paid some bonus, we bet you, your needs and wants will also increase. Don’t fall for this. Just because you make more doesn’t mean you have to spend more! Fight the temptation and put the extra money straight into savings.
Automate your savings
Determine the percentage of your income that should go to savings, then set up auto top-up to your savings account. Automating your savings ensures that you always keep to the goal, and reduces the stress of manually doing the transfers every time. As a salary earner, you can set up savings automation to monthly auto top-up easily with the Reaprite App.
Make a monthly budget plan
You will have nothing to save if you spend all your salary. A budget will keep track of where your money is going and control your expenses. Make a monthly budget plan by dividing your expenses into major categories and sticking to it. Budgeting will help you avoid overspending, so you can have more money to save from your salary every month.
Save in the right savings tool
Your most important asset in the savings journey is the right savings tool. The right tool is one that keeps you motivated, disciplined and most importantly, increases your savings.
Reaprite is the perfect tool to save from your salary. Want to save towards a goal? Set a goal with Reapgoal and begin saving towards it. Want to stay motivated while saving? Create a village or join one and have accountability partners. Want to grow your savings? Reaprite offers the highest interest rate per annum on your savings. Visit Play Store or Apple Store, download the app and start earning up to 16% interest per annum on your savings.