Save 20 Million in a Year - There are many ways to save daily, weekly, or monthly that we can do. Basically, the concept of saving is to prepare an emergency fund that will be needed in the future. However, is it possible to save 20 million in a year? If so, how can it be effective for beginners?
Yes, maybe 20 million is quite a lot of nominal. Especially if you still have a lot of expenses that are your responsibility every month. But it's not impossible, you can work around this by doing a side job, investing, or making a side business to increase your income every month.
Sometimes there are actually many who have started saving, but there is an urgent need. For example, education costs, health costs, home renovations, and so on. Therefore, you need to separate between emergency funds and savings every month. Everything can be achieved on condition that you must have specific goals and a strong determination to consistently save. Therefore, you need to know creative ways that can motivate you to save.
5 Ways to Save 20 Million in a Year
Saving is not an easy thing, especially for someone who has never done it. But that doesn't mean it can't be done. You can start consistently by making a table of saving 20 million in a year, where you for 52 weeks will continue to set aside money for savings.
Here are 5 ways to save 20 million in a year that you can try for beginners.
1. Create a Special Account to Save 20 Million in a Year
Do not mix accounts to save with money for daily needs. This can make it easier for you to allocate funds for savings and basic needs every month.
You can create a special account to save 20 million in a year without an ATM card or being connected mobile banking and Internet banking so that money is not easily taken. This step is done so that you are not tempted to fiddle with special savings money.
You can also try investing in money market mutual funds to double your money with low risk. This method can make you consistent and not easy to take the balance that has been collected.
2. Take advantage of Automatic Debit to Savings Account
Currently, almost all banks already provide features Automatic Debit for customers who want to save. Where the money that goes into the account cannot be taken or used within a predetermined period of time. Using this feature is a very effective way to reach the target of 20 million in a year.
You can automatically set the funds that will be allocated for saving each month of 500 to 1 million rupiah. Usually this savings account can not be taken until a predetermined period of time.
3. Reduce Wasteful Lifestyle
This method is no less important in achieving the goal of 20 million in a year. How could it not be? Currently, people's lifestyles follow an increasing trend. Don't let income and lifestyle go hand in hand. In short, when income is high, lifestyle is also high.
The habit of consuming coffee, it can make it difficult for you to save. By buying coffee every day for 20 to 40 thousand, you have wasted money that could actually be allocated for saving.
But that doesn't mean you shouldn't buy food or drinks other than supplies, it all depends on your intention and determination to achieve your goals at the start. Instead, you can save money by bringing lunch from home or making your own coffee which costs less.
4. Save a dime
When you shop at shops, stalls, mini markets, and so on, it's not uncommon to get a change of change. Even though it's small, you still don't take it lightly, because this step can be a surefire way to save 20 million in a year. You can collect every shopping change and be consistent not to use it until the set time.
5. Allocate 30 Percent THR or Year Bonus
The last step is no less important, allocating any Hari Raya Allowances (THR) or annual bonuses that you receive. The trick is that you allocate 30 percent of every THR you receive to save. This is certainly an effective step, because it can increase the allocation of savings funds.
Those are 5 ways to save 20 million in a year that are effective for beginners. Saving is important, especially when you need emergency funds. In addition, you can learn to manage finances so that they don't fall apart.
You can also use financial apps to help manage your income and expenses. So you can track all expenses and income every month. One of the financial applications that you can use is Whiz!