How to save at home is a great start to building a habit of saving and managing your finances. By saving regularly and with discipline, you will be one step closer to achieving your financial goals.
Even though it looks easy and simple, in fact, there are still many people who still have difficulty saving. This can happen due to various factors, such as economic conditions to inappropriate ways of saving.
So, for those of you who want to start saving regularly and start by saving at home, this article will invite you to get to know 8 ways to save that are effective and that you can easily practice. Let's see more in here!
1. The Advantages of Saving
Saving does not have to be with a large nominal, as long as you do it regularly, whatever the amount, it will definitely be a lot in the future. The series of benefits that you can get by saving regularly are as follows.
1.1. As an Emergency Fund
An emergency fund is a fund that needs to be prepared for emergencies. With these funds, you will not worry if an urgent condition befalls you at any time. For example, being affected by layoffs, falling ill suddenly, an economic crisis, and so on.
The amount of emergency funds that you should have is 3-6 times your monthly expenses. These funds can turn out to be bigger when you have a family or children.
1.2. To Achieve Financial Freedom
Who doesn't want to be financially free? This is of course a dream for everyone where they no longer have to mess around with income or expenses. One of the keys to financial freedom success is by saving at home. From this little habit, you will learn to manage finances gradually and be able to lead you to manage your finances even better.
1.3. Have a Healthy Financial Cashflow
The high cost of living from year to year is certainly a problem for most people. By setting aside some money for savings, you can be more selective in setting priorities and avoid a hedonistic lifestyle.
1.4. Guaranteed Old Age
Even though it seems simple and trivial, by saving regularly you can collect enough money to save for old age. For example, you save at home in a span of one year. When the money has been collected according to the allotted time, you can put it in another, safer instrument.
2. 8 Ways to Save at Home
There are many ways to save at home. You can adjust this method according to your abilities or start with the method that feels most appropriate.
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2.1. Create a Priority Scale
The way to save at home that you can do is to make a priority scale. What is a priority scale and why is it important to consider?
The priority scale is a guideline for determining the level of needs we have. By creating this scale, it will be easier for you to meet your basic needs, be wise in managing your finances, avoid extravagant or hedonistic lifestyles, and most importantly, be motivated to save because you have clear goals for saving.
Tips for making a priority scale:
1. Balance your expenses with your income
2. Take advantage of existing discounts or promotions when shopping
3. Prioritize paying for routine needs after payday
2.2. Set Aside Not Leave
Have you ever wished you could save more while leaving part of your monthly income, but instead you missed or the money ended up running out? If so, from now on change your saving mindset by routinely setting aside a portion of your existing income every month.
For example, your payday is on the 25th of each month. So that you can save regularly, you can immediately set aside some of the money for savings. This way, at the end of the month there will be no more drama of running out of money or regretting not having had time to save.
2.3. Collect Change
The way to save for the next house is to collect spare change. Changes or coins are often underestimated because of their relatively cheap value. In fact, if you collect it continuously, the money will accumulate a lot and be of great value. As the saying goes, 'little by little, gradually becomes a hill'.
Collect coins that are in a container that is difficult to open. This way, you won't be tempted to take it.
Later, when you have a lot of money collected, you can exchange it with Bank Indonesia or put it in your savings account. If going to the bank is quite time-consuming, you can also exchange it at the nearest store such as Alfamart, Indomaret, and the like.
2.4. The trick to saving 20 thousand
Have you ever heard of one of the unique saving tricks? You should try the 20 thousand saving trick!
This method is unique and effective because if you do it consistently you will be able to collect quite a lot of money. To do this, you only need to save the 20,000 sheets that you find every day. When you have accumulated quite a lot, immediately switch to other assets that are more stable.
2.5. Consider Saving Gold
Apart from saving conventionally, such as putting money in a piggy bank, you can also save in other ways, such as saving gold bullion.
The gold bar has a stable asset value, every year the price of gold rises following prevailing inflation. The increases are not fluctuating (going up and down) like stocks or bonds. That way, gold can protect the value of the money you have, keeping it from inflation.
Another advantage, you can use gold as an emergency fund because it is easy to liquidate when compared to other assets such as land or property. Even so, make sure you choose gold bars that have been verified by government agencies to avoid fraud.
2.6. Saving in the Piggy Bank
Saving in a piggy bank is perhaps the first way to save that we know since we were in elementary school. This method is still very effective to do today.
Not just for children, this way of saving at home is perfect for all ages. Most importantly, choose piggy banks that are difficult to open so that the existing ones are maintained.
2.7. Prioritize Repairing Damaged Items Compared to Buying New
If the item you are using is damaged, don't panic and replace it with a new one. Look at his age, is it still worth it or not. If it's still feasible, it's better to have it serviced instead of buying a new one. This can reduce swelling expenses.
2.8. Consistent in Saving
The last way to save at home is to do it consistently. Without implementing this, all of the methods above will certainly feel useless. Because the existing progress will run very slowly and it will take longer for you to reach the main goal.
BFI friends, those are 8 ways to save at home that you can apply. Come on, let's get used to saving as early as possible. Regardless of your current age, it's never too late to save money and build new good habits. By saving, some financial problems can be resolved properly. Hope this article helps you!
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