How much of your income do you set aside for future purchases and potential emergencies? You can either put away a certain number or a percentage of your income.
What are you going to do with your savings after receiving a promotion? The best for your savings is to implement a percentage that you are saving. If you are keeping 30% for emergencies you can maintain the percentage or even increase it when you are earning more. For your future it is great if you consider your expenses, keep them at the same level and increasing your savings.
Put all your savings on autopilot, and you won’t likely notice the missing cash. – Jean Chatzky
Savings is the same as willpower. The less often you use it the higher it is. When you automatically eat healthy without using willpower for it, the better you can use your willpower in other areas of your life. If you have an automatic saving plan you wont even have to think about your saving anymore.
Try to make it a habit to always consider what you are using your money for. The less you spend more the bigger your savings are. When your income increases or you receive a temporary bonus don’t use it only to spoil yourself. Use a percentage of it to prepare for future needs. If you end up with a hospital bill of twice your monthly income you will be relieved to see that you have saved enough to cover it. This can make the difference between being able to continue your lifestyle or going downhill because of having to loan money for the bill.
Life can make sudden unexpected turns, good ones and bad ones. Be prepared for them. You never know what opportunities can come your way if you are prepared. Make saving a bit every month a priority and see how your priorities can change in the coming years.