Never stopping saving money because you have little money. You will have more and more because of saving. Never wasting your money because you have much at the moment. You will have less and less because of wasting.
Investing index funds with Dollar-Cost-Averaging was approved as an efficient way for people who do not have money and investment experience. First of all, you must have at least 40€ every month to invest.
For most young people, they do not have even 40€ in the end of every month. Therefore, they lost the right to invest and became slaves of debts.
In order to invest and make money work for you, the first step is saving money! There are many ways to save, we recommend the followings that need least effort.
- Saving with coin jar – Put all of change into this jar. When it is full, bring it to bank and save money to your saving accounts. I heard someone saved 400€ one year. Now, it is not easy because we do not often use cash.
- Saving $5 notes – This need some preparations. Firstly, Getting a shoebox and cutting a hole where you can put $5 notes, then sealing the box with a lot adhesive tapes. Even if a theft steals it, it is very difficult for him to open it, like a safe. The real purpose is that make sure you don’t get tempted to open it. Whenever you come across $5 notes, just put it into shoebox. You even can ask your family members, friends to make some contributions by organizing parties. It is a fun surprise to see how much you have saved at the end of year. Someone even saved 1000€ in one year. It is a lot of money.
- 52 week money challenge saving plan – This needs an account and some basic mathematics. The idea is simple: You start by saving just $1 in the first week of the year, and then gradually increase your savings by a dollar a week throughout the year. So you save $2 in Week 2, then $3 in Week 3, and so on, until you’re stashing away upwards of $50 a week next December. By the end of the year, if you complete the challenge, you’ll have saved $1,378. Countless people made this challenge as a New Year’s Resolution. They successfully completed the challenge. More than getting the desired amount by the end of 52 weeks, you are guaranteed to be able to come up with the habit of savings. And that is far more important because you get to value your money more.
If you plan to save money, you do not need to wait until 1 January 2018. You should start from today. The earlier you start, the bigger money snowball you will get.
Could you please share your saving experience with us?