Tips for Saving to Meet Large Amount Needs

The needs and desires of each person are different and cannot be easily fulfilled even when they are already working and have their own income. The problem arises when the salary received is often smaller than the expenses incurred to meet daily needs. When this happens, the dream of buying desired items at relatively high prices will remain just a dream. Therefore, friends must know tips for saving for those dreams.

Saving Tips for Friends

Well, to achieve that target, friends must have a plan and also realize it well. Here are some tips to help friends manage their savings.

1. Calculate the Required Funds

If you want something like buying an item, of course, friends will seek complete information about that desire, such as estimated prices in the market to get an idea. This is very important to help friends prepare the necessary funds. Then include this item purchase in the financial goals that friends want to achieve according to priority. Set a target by calculating the amount of funds and the time needed to gather the funds so that the goal can be achieved.

2. Have a Strong Commitment from the Start

Commitment is the most important thing when friends want to achieve a goal. Commitment is manifested by striving for friends' financial goals as best as possible. Commitment must be present from the beginning when friends start to intend to make an effort towards their desires.

3. Start by Tightening Finances

When friends are among those with low income, they must have good financial management skills so that basic living needs are well met while still being able to save. What needs to be done in managing finances is to be frugal with monthly expenses for only important things, and not to be tempted by a lavish lifestyle.

Start tightening finances by setting aside some of friends' money at the beginning of the salary. Avoid various unnecessary expenses. If possible, it is better that there are no unnecessary expenses in friends' lives at all, to make it easier for friends to save.

4. Saving is an Obligation

Every time you receive income, the mandatory thing friends must do is save and do not do it after friends' needs are met, but set aside from the start. This is more effective in realizing friends' desires. If friends want to save in a bank, make sure to find a suitable bank to increase the savings value by studying the interest.

5. Shop Smart

One way to minimize expenses is by shopping smart. Smart shopping is how friends take advantage of discounts or promotions available. Study the shopping catalog in detail first to know the best and most economical offers. Even some stores apply frugal shopping on certain days that friends can take advantage of to buy necessities while paying attention to the priority scale.

6. Evaluate for Maximum Results

Friends need to conduct periodic evaluations, because sometimes to achieve goals, results can be far from expectations. Evaluations are conducted so that friends can correct mistakes while remaining disciplined and firmly believing in their goals. If mistakes occur, do not easily despair; everything can be fixed.

7. Realize with the Right Approach

With a small salary and many desires that friends want to achieve, especially needs that require large amounts of funds, it may be difficult to reach those desires. However, if you strive as much as possible, the results will not betray the effort.

An example of a need that requires a large amount of funds is if friends want to buy a car. It should be noted that there are several tips for saving to buy a car that friends might apply, among others: 

8. Calculate capabilities and adjust to the car you want to buy

Everyone who wants to buy a car certainly has different desires and financial capabilities. However, if friends' income is still low, around 3-4 million, a low-cost green car priced around 100-200 million is an option, so if friends buy it on credit, they must have a down payment of at least 20-30 million.

9. Set aside money regularly

This is where discipline needs to be applied. Everyone can set aside money from their monthly salary, but not everyone can do it regularly. Friends should be able to set aside at least 10% of the salary received. For a salary of around 3-4 million, friends can set aside at least 300-400 thousand regularly every month.

10. Willing to cut spending from bonuses received

Bonuses are not something that is guaranteed to be received in a year. However, if friends receive a bonus from their salary, friends can add to their savings from that bonus, so that desires are achieved faster. Instead of using that bonus for other desires, it is better to prioritize the initial goal first.

11. Look for additional income through side jobs

If friends have skills in certain fields, they might take part-time work or freelance jobs to increase their finances. However, friends do not need to work too hard in this regard; just work according to passion or hobby so that it feels light. Examples of freelance work include photography, writing, opening an online store, taking on programming projects, and so on according to friends' interests and abilities.

12. Sell personal collections as additional capital

Friends might apply the principle of adding money by selling items. The items sold are those that still have value and good quality. For example, if friends have a collection of clothes in the closet that no longer fit, toy collections, or antiques at home, friends can sell them at reasonable prices to add capital for buying a car.

So, to meet needs is not about how much income one has, but about discipline and a strong commitment to apply the saving tips above.

Read also: Tips for Buying Used Cars to Stay Satisfied