10 mistakes to avoid in order to save

There are many people today who are looking for a way to save some money to be able to survive day by day, in this busy world that we live in. It is important to learn to manage certain financial habits wisely, as well as to recognize and avoid some of the mistakes when saving .

Now, unfortunately, people know very little about how to save efficiently , and this little information leads them to make terrible financial decisions with results that we all already know.

The reason is very natural: money enters and leaves our pockets every day of our life, we just have to follow the only rule that exists: do not spend more money than is received .

However, this is very easy to say but not so easy to do, especially if they have already gotten used to making mistakes when saving and this has led to a bankrupt economy. Learning to avoid them is essential to get out of the vicious circle that makes it impossible for many people to reach the end of the month with money saved. Undoubtedly, the only way to avoid these mistakes is to understand them beforehand.

That is why here are 10 mistakes to avoid in order to save money.

Mistakes to avoid in order to save money

1.- Do not make monthly budgets. The first aspect to take into account is the realization of a monthly budget; This allows them to face the reality of the economy that moves daily and be very cautious with income and expenses, thus avoiding the inconvenience of not being able to close the month with a certain positive balance

2.- Spend more money than you enter . Again we reiterate it because it is basic. We must adapt our lifestyle with the level of income and not the other way around.

3.-Do not save at least 20% of your salary each month . If your goal is to save seriously, you should apply the 50/20/30 rule, which means 50% for basic expenses, 20% to save and 30% for personal expenses. 20% of the money that is earned must be destined to savings. This money will be a cushion that can help them in cases of emergencies or future investments.

4.- Do not invest savings for fear that “something will happen”. Investing money is the surest way that it will not disappear for some “reason”. The main reason to invest is to put the money to work for us and earn an extra that the savings generate, an example of this is to acquire a property and rent it fixed or seasonally.