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Time passes, prices rise and the salary stands still. How to live well anyway? Most people who have financial freedom first of all started with the reduction of expenses, respectively they started to save.
The first step to start saving is to understand how much you spend. Record all expenses, this involves any expense from a more expensive gift to each coffee and donut.
Once you have this information, sorted by categories, such as products, car, entertainment, etc. As an idea, you can pay more often with the card so that you don't forget exactly how much you paid.
How can you become a millionaire? It's easy, it's just that it takes some time, for example, if you collect 70 lei every day, in 40 years you will have 1,008,000 lei, put the amount in the bank interest and you will receive even more.
If your expenses are high and you can't save as much as you would like, it's time to cut back on financial generosity. Once you have sorted into categories where the money goes you can see what is less essential and where that generosity can be reduced.
Here are some ideas on how to do this:
One of the best ways to raise money is to set a goal for what you raise. Start by thinking about what you would like to use this money for, for a house, a car, a wedding or a vacation, once you have decided what you are going to raise and the specific amount you will need and how long it will take to accumulate the money.
For a more detailed purpose, we recommend dividing the goals into long-term and short-term ones:
Once you have taken control of your income and expenses, in addition you have formed some goals, if they are motivating enough they will have a decisive impact on your discipline of making those savings. It is important that long-term goals are not always postponed for other short-term purposes.
It is a popular saying "Keep the eggs in several baskets" and it is desirable that these baskets be with interest.
If it is an average amount it is enough to keep money in a bank, but in case of long-term purpose it is good to consider and deposit in several banks.
Let the money make money, now there are many types of deposits in which the amount can be filled indefinitely, respectively monthly you can add money to the deposit, and on these additions interest is still calculated, so that at the end of the year you have 3-5% more much more than accumulated, and when it comes to 3-4 years these percentages play a crucial role.
Analyze the accumulated budget and check the monthly progress, this will not only help you maintain the established plan, but will also help you understand where you still have to work and how to adjust the budget if you had unpredictable expenses. Understanding how to raise money and observing the actual result can motivate you even faster to reach your goal.
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