Many of us do not imagine ourselves in 20 or 30 years. We think it is a very distant time and we live daily, or rather from fortnight to fortnight. However, the course of things may change and new opportunities or emergencies may arise, and it is best to be ready when it happens.
Do you think that turning 40 will be when you have to start worrying about tomorrow? For your retirement? For your health? Why save? We regret to tell you that by then it will be too late.
If you are in your twenties or thirties, the decision you knew you can make is to secure and plan your future from now on. It does not mean that you have to have everything clear, but that you be cautious and aware of tomorrow. In Finerio we give you 3 strategies that you can start applying today. Yes, from today! Do not procrastinate.
1. Start saving today
Many times we postpone what we want because it makes us lazy or because we think tomorrow will be a better day. If you postpone the habit of saving, you will wake up on your 30th birthday without a single peso in your pocket. Or, did it happen to you?
Beginning the habit of saving is not complicated. You have to start by creating a budget and sticking to it. Record your income and expenses. How much do you spend per month on rent? How much in food? How much in entertainment? Once you have an idea, set a budget limit for each of those categories and do not exceed that limit.
Remember that you must always allocate an amount of your income to savings. So, if you now spend a lot of money on parties and entertainment, you can start to limit that aspect to start getting savings.
How much should you save? Everything depends on your personal goals. However, not only that: many people, especially young people, set short-term goals such as buying a car, traveling, clothes, etc., without thinking about other, much more important aspects. The emergency fund and the savings fund for retirement are of vital importance.
A savings fund for emergencies should be the equivalent of 3 to 6 months of your expenses. That is, if your monthly expenses are $ 9,000, you need a minimum savings fund of $ 27,000. On the retirement savings fund and how to do it, know more here. Do not wait until you turn 50 to start thinking about your retirement. Currently there are young people who have the goal of retiring before turning 40 years old.
2. Think about your personal goals
Although you do not have to have exactly what you want to do in the future, surely you have a sketch of some goals in your mind. Begin to visualize feelings of happiness, freedom, wealth and well-being will help you get down to work. Would you like to leave your parents’ house? Move to another country? Put your own business? Buy a house on the beach? Traveling for a long time?
Whatever your goal, put a reminder that you get to it. A photo in your room, on your cell phone, an inspiring phrase, etc. With this exercise you will be motivated to do what you have to do every day to reach that goal, including saving.
3. Become an investor
When people start saving they think it will take them years to get together the money they need to achieve their goal, so they get frustrated and disappointed, staying halfway. But, it does not have to be so painful and slow to save. There is something called investing and it is not just for scholars or millionaires.
With an investment you can grow your money without working. You can start by allocating a part of your savings to an investment. When you start investing, allocate something that is not very compromising for your economy so that you can see how it works little by little.
Where to invest? Currently there are already investments that you can make from the comfort of your computer or cell phone. Digital investment platforms are growing day by day, and are more accessible than several years ago, because even with $ 100 you can start.