The earlier you learn to be smart with your money, the more benefits you will reap throughout your life. Saving more than €10k in just five years is entirely possible if you follow the right strategy. While it may seem like a daunting task, you can do it if you take several important steps right now.
Different ways to save your money and understanding how to become better with your finances are all around you. Many techniques that you can start doing immediately don’t require any special education or skill. It just takes commitment and a real desire to tighten your belt in many vital areas.
Disrupt your financial notion
Get Rid of Your Credit Cards.
Credit cards are used so often that, for some people, they can end up being a huge problem. If you don’t have the discipline, self-control, and ability to pay them on time, credit cards can be the cause of your debt. If you fall into the trap of paying on credit too often, you will eventually spend much more than you save.
If you truly want to save a lot of money in only a few years, one of the best ways is to ensure that you don’t rack up debt by spending too much on credit. This means getting rid of your credit cards entirely. Cut them up, or call your bank to cancel them.
Instead of credit cards and strict regulations of banks, look for FinTech startups offering you extra money just for opening the account with them. Startups need new customers, after all. FinTech is getting more popular and used by a wider range of people because it helps ordinary folks save more money, more conveniently.
Start Generating Passive Income
Curious about how much money you could make while you sleep?
You’re familiar with the saying ‘money makes money’, right? Well, the earlier you dedicate some of your money to making more, the better.
Alternative Investments is an attractive investment choice that’s beneficial to both borrowers and lenders. Convenient online platforms match borrowers with lenders, and borrowers can put up money as investments for loans to the lenders.
The advantage with Alternative Investments is that they’re less volatile than the stock market, making them a safer choice for investment than stocks, with their wild swings.
There are many reasons to consider Alternative Investment platforms as a way to create a passive income stream, but its biggest appeal remains knowing the money will grow without you having to move a finger.
Did you now that the projected returns on FAST INVEST platform loans are from 9% to 16%? That’s quite an impressive amount of money you can make with your feet up. Also, the platform offers a unique MoneyBack Guarantee. If anyone decides to stop investing at any loan, FAST INVEST will buy the investment back in one day.
Making the right investments in a safe environment can be a big factor in helping you save money. FAST INVEST platform is the ideal place in which You can invest as little as just €1, and see your investment turn into something more substantial, over time.
Establish Strong Financial Habits
When we’re young and healthy, it’s easy to be optimistic about life. We tirelessly run from one task to another at work – and enjoy spending the money we’re rewarded with at the end of the month. Nevertheless, we need to remind ourselves to establish some strong financial habits.
These habits are not complicated - but may take some time to form. Simple things like learning to pay for things on time every month. Creating a budget and sticking to it as much as you can. Learning to control your desire to make impulse purchases.
Probably the most disastrous habit is spending every cent that gets paid into your account – so do yourself a favor and get used to spending less than you earn. These habits will come in handy in helping you secure a financial future. A little bit of planning ahead never hurt anyone - especially when it comes to finances. Thinking about what you may want to achieve in the next 10 years or so will help you ensure that you can allow yourself to experience the things in life that you want to.
For example, do you think you’d like to get married in the next 5 years? Maybe you’re considering a master’s degree, a career change – or to travel the world? You’ll need money for all of those things, so spend some time identifying your long-term money goals, and doing some research into how big the bills are likely to be. You’ll know what to save for – and have a better, clearer idea of what’s achievable.
It’s Never Too Early to Start Making Smart Financial Decisions. Let’s do the math on your own and surprise yourself how much money you can save with some discipline and a good sense of your spending habits.