By Federico Tessore – Investor Passport (Argentina) –
How often have we heard the saying: “Savings are the foundation of wealth?” Sometimes the most trite cliches are actually true.
It’s quite simple: saving means spending less than what we earn. A simple idea in practice, sure, but very few people can actually seem to do it. I’m going to give you five tips that will help you to build up your savings and feel more comfortable with your financial situation.
1 – Start Saving Right Away
You must make an effort to set aside part of our salary, even if it’s a small amount, as soon as you receive it. Begin by saving 5% and then increase that percentage as time passes. Don’t wait until the end of the month. The cost of your daily expenses add up, making you spend more money than you should, and you wind up not acting financially responsible.