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Why it is important to accumulate savings
Being competent in personal finance management is the key to a stable future. Having savings makes a person feel more confident and calm, as they know they can cope with unexpected expenses.
Savings help to achieve long-term goals, such as buying real estate or starting your own business. In addition, savings protect against the need to take out loans at high interest rates in case of an urgent need for money. Having a financial cushion also allows you to plan for the future and invest in your own development.
How to save money properly
Before you start saving, it is important to learn how to control your expenses. To understand how to start saving money, you just need to follow a few simple rules:
- keep records of income and expenses using special apps or spreadsheets;
- plan purchases in advance and avoid spontaneous spending;
- set specific financial goals and deadlines for their achievement;
- regularly set aside a certain amount of money as soon as you receive income.
Saving is not a temporary measure, but a way of life that requires a systematic approach and strict self-discipline. By following these steps regularly, you can achieve significant financial results.
Practical methods of accumulating savings
There are several proven approaches to building savings. The most famous scheme for saving money is the 80/20 rule. According to this principle, 80% of monthly income is spent on current expenses, and 20% is set aside for savings.
Another popular scheme is ‘50-30-20’. Here, half of the income is spent on urgent needs, such as rent, food, communication and transport, 30% is spent on entertainment and spontaneous purchases (going to the cinema and restaurants, buying gifts and various trinkets that lift your mood), and 20% is set aside to form a financial safety net.
There are also other schemes to help you understand how to learn to save money. An interesting method is the ‘four envelopes’ system. Each of them represents one of the categories of expenses:
- mandatory payments;
- food and household goods;
- entertainment and personal needs;
- reserve or unforeseen expenses.
At the beginning of the month, the income is divided into four parts according to priorities, and the expenditure of each category is limited to the amount of the envelope. This helps to avoid impulsive purchases and ensures financial discipline. If there are no unexpected expenses during the month, the money from the envelope goes to savings.
How to grow your savings
If you've already figured out how to save money without restricting yourself too much, it's time to think about investment options. One of the most reliable ways to increase your savings is through bank deposits. They allow you to receive passive income in the form of interest.
The GlobusPlus mobile app offers convenient online deposit opening without visiting a branch. You can place a deposit in hryvnia, US dollars or euros, which helps protect your savings from currency fluctuations - Globus Plus deposits provide:
- competitive interest rates
- convenient deposit options;
- affordable minimum amounts for opening a deposit;
- automatic extension of the deposit term with the same terms and conditions.
In addition to deposits, novice investors should pay attention to government bonds, which are considered one of the safest financial instruments. You can also consider investing in precious metals, especially gold bars or coins, as this method protects money from inflation.
Tips for effective financial planning
Modern technology offers convenient tools for saving money. Users of the GlobusPlus mobile app can save money through the cashback programme, receiving up to 20% of their spending back.
The government programme National Cashback allows you to get 10% back for purchases of Ukrainian goods, up to UAH 3,000 per month. The money can be used for utilities, healthcare, transport, or donated to the Armed Forces of Ukraine. To join, you need to register with Diia and open a National Cashback card in the GlobusPlus app.
To start building savings, you don't need to radically change your lifestyle. It is enough to choose a convenient savings scheme and consistently follow it, using modern financial instruments and loyalty programmes from reliable banks. A simple tool for confident financial control!
