Saving is the first thing you need to do in order to achieve financial freedom. I believe that as long as you have a monthly income, you are capable of saving a certain portion of your money.
Many financial books suggests to save at least 10-20% of your income monthly. However, it’s difficult to save when you are in many debts. So in order to save, pay first your debts continuously and control your expenses.
After you paid all of your debts, you can now start to save. Having a savings account separate from your salary account will definitely help you to save monthly every time you receive your monthly income.
It is best to apply for automatic saving of at least 10% of your salary to your savings account. It is also advisable to enroll your savings account in Internet banking so that you can monitor and check easily your savings account.
However, it is not enough to save your money. If you just put it in savings account, it will give you very minimal profit. We know that the interest rate of savings account is just 1-2% per year or some banks give only less than 1% per annum.
You need to learn how to make money from your money. You need to invest it wisely and properly so that you will gain better profit rather putting it all in savings account. However, it is very important that you have enough money in savings account for emergency purposes. The rest you can invest in money making investments like stocks, mutual funds, bonds, real estate and business.
