Top Saving Tips: Only Known to Banking Experts

December 27, 2017

Monthly saving attempts often lead to failure without the right strategy. Below are 10 tips to help you achieve your target and save the amount of money you need.

Tip #1: Set a Target

First, you need to set a specific and clear target for the amount you need to save. Your target needs to be Measurable, Achievable, Realistic and Timed. If you set an unrealistic target that you cannot achieve, it will only lead you to failure. However, achieving your target should require some self-discipline. Ideally, you should try to save the amount you need over a period of one year.

Tip #2: Select your Bank Account Carefully

Don‘t settle for any bank account and look for the best. Some banks would ask for a minimum balance, and might impose additional fees for monthly services and debit cards. Compare between the banking services to choose the best for your needs.

Tip #3: Automate your Saving

You might come up with all different kinds of excuses to spend the money you are planning to save, so, try to automate the process, by transferring the amount you are trying to save automatically to a separate account at the beginning of each month.

Tip #4: Emergency Fund

To keep you from using the money you save during emergencies, create a separate fund for unexpected circumstances, like losing your job or paying hospital bills. Your emergency fund should be able to cover your expenses up to 6 months.

Tip #5: Track your expenses

Over a period of one month, track your spendings till the last fils, and put them down on a file to review by the end of the month. Going through your expenses can help you define the areas where you could save, and give you more control over your money.

To achieve your target it is very important to monitor your cash flow, use Al Mubasher Retail service to track your bank account.

Tip #6: Create a Budget

Once you realize how much you need to spend, you can set a realistic budget to help you save and keep you from wasting your money.

Tip #7: Be a Smarter Shopper

Try to save more money while shopping, using loyalty programs, waiting for the sales period, or using coupons. You can also buy what you need online for better prices. Don‘t forget you can use your credit card to avail their offers for travel and shopping.

Tip #8: Use the Technology

You can download a number of applications to help you save money; from budgeting apps to applications that you can use to get the best deals or sell your used and old things.

Tip #9: Invest

The first tip that a rich person will give you is to diversify your investments. So if your goal is to save money for a small fortune, consider investing in bonds and stocks, or even in SMEs that are looking for funding, these investments can turn into sources of a larger income.

Tip #10: Track your Progress

For effective saving, you need to be able to recognize your achievements and realize your drawbacks, track your accounts on a weekly basis. Dedicate a few minutes every Friday morning to look at your accounts and keep your spending on check. If you did not reach your target, maybe you should review your target or your spendings. Most importantly, you should not give up and keep on trying. To be able to save, you need to be moderate, consistent and persistent.