There’s a saying that the journey of a thousand miles begins with a single step, and the same could be said of saving. It can be a challenge for professionals to increase their savings because of their expenses. But according to Edric Mendoza, Registered Financial Planner and business anchor, there are three easy tips that can be done for professionals to save better.
1. Know Your Money Personality – Before professionals can change their behavior when it comes to money, they must first understand it. Whether you are a big spender, a money monk, or a saver, it is important for you to first understand your money personality, accept it, and then make changes.
2. Surround Yourself with the Right People – There are people who may be forced to life an expensive lifestyle that they can’t sustain because of the people that they are with. So it is important to be surrounded with people who are good influences when it comes to handling your finances and are also sources of reliable information. Once you choose people who will help you save better, it will also change the way you handle your finances.
Mendoza also emphasizes delayed gratification or being able to appreciate things that money can buy but not doing it impulsively, as a way to save better.
3. Start Small – If you are able to say no to small things, then you have a better chance to say no to bigger things, and this is a rule that also applies to finances. If you are able to refuse small impulse purchases, then you can do it with bigger purchases, and the same goes for setting a small amount from your salary, which can grow bigger.
For more tips on handling your finances, you can watch more episodes of FUNDamentals. For more stories for professionals, visit PLUS Network on Facebook, Instagram, Twitter, and YouTube.
