The realization of this is, fortunately, the first step in the right direction. Now that we are here, it’s time to change your mind and start rebuilding. Let’s dig in:
Know where you stand: This simply means that you should calculate your net worth; where are you at the moment? What you owe versus what you own or rather your assets versus liability. This would help you to map out how much effort you need to put into your saving goals to get to your savings destination.
Access your lifestyle: Have you ever wondered why as your income increases, your expenses automatically increase? Girl, don’t sweat it; Your salary increases and you went for a nicer car, got a nicer apartment in an equally nicer neighborhood. You see? all these simply come with bigger expenses, spending every single penny without saving. Don’t fret, now you need to check for where you can cut back and downsize; sell the nice car and get a low-maintenance one, cook 90% of your meals and cut down on ordering meals, or reduce your weekly visit to the spa by jumping on some DIYs.
Set clear goals: Determine within yourself if you are Saving for short-term goals or long-term, what do you need to save for and what time would the saving elapse. Are you saving for retirement, a degree in Harvard, rent, land purchase, or emergencies?
Create a budget: This simply means you telling your money what to do or where to go. Your savings plan should be mapped into your budget as well as payment of debts and unavoidable expenses. Now, under your savings plan category, you want to highlight ‘saving for emergencies, Saving for MBA, saving for a fun vacation or saving for rent’. This is where the HerVest App comes in! It simply breaks down the complexities helping you to create a saving plan and save with ease.
Start from where you are: It’s okay to start small. Determination and consistency are the keys to effective saving. Get a side hustle to augment your income to enable you to save more. Ask for that raise at work. Do whatever legit it takes to develop yourself and your income flow girl. You need all the help you can get!
Finally, do it where they’ve made it the easiest for you- at HerVest. Set up a custom savings plan on HerVest. Automate your savings to suit your income pattern, and keep your eyes on the real-world ball. If you ever get stuck, remember mentors waiting to help you out on this journey we are on. From finance, health, career, entrepreneurship, relationships, and more, we’ve got qualified professionals in these areas to mentor you.
