Thursday, 22 September 2016

Tested Strategies for Saving 10k

Newbie mentor is back. I took holiday on blogging, investing, trading, and building passive income. Starting today, I will write and share again about the basics of saving, investing and building passive income while living a life of freedom.

Everyone asking about saving and investing;

How to save 20% of your monthly income?
How to invest for retirement funds?
How to enjoy life while living frugally?

I have five strategies to share and these are easy to follow;

1. Keep a record of your daily expenses. You will not be able to save, if you don't know your spending. Probably, you have a fixed income monthly and set a budget for rent, utilities, food, etc. etc. Try to look at where to cut your expenses, for example : TFC subscription ( no need for it, now everything is available online or change for a better package).

2. Look for special offers. There are  lots of 2 for 1 offers in different websites Cobone, Groupon, Zomato etc. etc. This applies in shopping and groceries, alert yourself with "SALES". I bought a toys for half a price the other day and saved few bucks.

3. Automate your savings. Set an automatic debit for your savings account, this is very important especially if you are starting out and building emergency funds. After you build the emergency funds, we can talk about investing. This is a challenge to discipline yourself on finances.

4. Collect points. If you are doing a regular purchase, then get their loyalty card. This is also applicable in collecting miles point and credit card points. You will be amazed of freebies later.

5. Set a saving goals. Everyone knows how to save and everybody talks about it. The question is " Did you hit your saving goals?

Sincerely yours,

Jonathan I. Ruiz
Newbie Mentor

P. S. Don't delay your saving goals.

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