5 practical tips for those who can’t save money

Set goals, make monthly reservations and more: check out simple, practical tips and learn how to save money.

Those who cannot save money tend to have a troubled financial life. In emergency situations, for example, the lack of an extra resource can generate debt and further jeopardize the budget.
In fact, this has been the reality for most Brazilian families. In 2021, the country reached a high mark of 63 million negative consumers, according to a survey carried out by Serasa Experian and disclosed in the Default Map.
For those who want to change their relationship with finances once and for all and start saving money, we’ve prepared this article with several tips that can help.

1. Set a purpose for saving money
Knowing the destination of the money you will save is a very important point for those who want to learn how to save. This is because, when we define a goal, we have better clarity regarding the efforts needed to reach it, and this serves as a kind of “motivation” to gain discipline in this new habit.
Those who want to change their car, for example, keep in mind the amount of investment needed for this. So, you need to think about how much of your income should be set aside to reach the amount needed to fulfill this desire.
Those who simply start spending their salary without any kind of planning will always have the feeling that they don’t know where the money is going. Many people only notice the errors in their budget and begin to organize when expenses exceed income. But, if this is not your case yet, you also need to organize yourself to start saving money and not get to that situation.

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2. Keep an emergency reserve
Composing an emergency reserve is one of the great secrets for those who want to save money effectively. With this extra feature, you’ll be ready to meet unexpected expenses like health care, car repair, or home improvement.
Let’s not forget that, in these situations, most people take out loans, get into credit card debt, or demobilize some investment destined to fulfill another objective. None of these situations are desirable or easy to resolve.
Debt, of course, can have serious consequences for your financial health. At the same time, withdrawing money from an investment should also be avoided, after all, we are talking about a resource with a destination already defined in its planning and which is earning interest on a financial investment. That is, moving this resource means losing profitability and getting further away from your long-term goals.

3. Don’t keep your money saved so handy
As we have been talking about, the money saved must have a certain destination and must not be used to meet emergency expenses. With that in mind, the best thing is never to make your saved resources too accessible, after all, with money always at hand, the impulse to spend is great.
And thinking about maximizing your earnings, it is important to evaluate profitable investment options. For long-term goals, such as retirement, you can take out a private pension plan. For medium-term goals, such as giving down a home, it is worth checking out some options for Fixed Income bonds, such as Tesouro Direto.
For those who have a bolder profile and are comfortable with taking risks, it is interesting to evaluate other Variable Income options to diversify the portfolio, such as investment funds and shares.
In the midst of this discussion, it is necessary to be clear that at this time, due to the successive drops in the basic interest rate, savings are yielding less than inflation. This means that saving money in the good old passbook isn’t so worth it now.
Our tip, therefore, is for you to start getting informed about the universe of investments in order to reach the best destination for your resources.
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4. Reset your reservation whenever you withdraw values
In the event that you cannot find another alternative and need to access your saved or invested money, it is important to have the discipline to repay the amount withdrawn. With that in mind, start working with a spreadsheet in which you can record any and all movements.
In a simple table, you can keep a monthly control of amounts credited or debited to, at the end, identify the amount of resources in the account. This level of organization will help you to replenish any withdrawals.

5. When you spend it, know how to enjoy it
Let’s agree: life isn’t just about saving money, is it? In managing their resources, each one must know when it is appropriate to invest in leisure activities. At that moment, whatever your choice or preference, you need to know how to take advantage of it.
That’s because, as we’ve identified that these moments were truly worth it, we’re more likely to stay focused on our financial goals.

So, when planning your next vacation or going out to dinner at your favorite restaurant, value this experience. Assertive financial planning also serves to provide these moments. If you save money for a trip or a big party, enjoy every moment with the greatest joy. Enjoy the taste of having tried hard and achieved what you wanted.
As you’ve seen in this content, saving money isn’t always easy, but having discipline and organization can help make this task less complicated. We hope that the tips presented can help you make that long-awaited turn in your financial life.

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