You are in Your 30's, Let's Shape a Bit, and Save a Bit

We all have gone through or going through a general situation where our expenditure piles up and we can hardly get our head straight for any financial discipline. There are different reasons why this happens to us where we cannot really build any sizable savings account.

Save one hour's worth of income everyday

So here is the problem, the moment you get paid, you go through a whole length of process where you just drain money. This process may include you paying your bills, you contributing to your family and etc. And in all this process the money that you would be saving become just voluntary (the amount you do not want to save). So at the end of every month what you dispose to your savings account is actually zero.

So actually if you want to break this cycle, you would need to treat your own savings account as a bill that is to be paid monthly, along with your rent,convenience charges and utilities. So you need to learn, to pay yourself first.

This means that each time you get your salary, you first and foremost pay a portion of your earnings to your savings account. So the amount of money that would be saving is actually saved. But for this "saving-first" plan to work, you need to have a mindset of budgeting your money.

So here we come in where we would help you to realize that if you are just 30, "it's not too late, it's never too late", when it comes to saving.

Saving, Bills, Fun: In That Order

The general problem that i have faced is that we in general spend all our money in this order: bills, fun, saving. So we should develop the "best pay- yourself" plan to allow ourselves to save some money. Then we would still be able to afford our bills and responsibilities without minding about the "saving part".

There is this nice trick, that I would want you to do. Save one hour's worth of income everyday. Initially it may look very small. But at the end of the month this savings would seem like magic money to you. The best part about this trick is that it's all painless, and with the increasing saving rate the magic would seem more powerful to you.

Here's How to Start Saving Your Income

So here is what you need need to do, you need to figure out how much you can afford .You really shouldn't rely on the fact that what others are saying. If you can set aside the same amount of money that you spend monthly,  that would be gold. But there are many spending's, which are not flexible like you mortgage on your new apartment or simply your home rent. Then you should figure ways of cutting back on other expenditures. You will find small changes to be highly effective like bringing launch to your office, less frequent visits to your favorite restaurants, walking in contrary to taking a rickshaw etc.   

Paying yourself is like joining a gym. Initially you pay little to yourself in gym words you lift little. Then gradually you lift more weights, in reality your saving rates go higher. This process has this charm, that whenever you pay yourself first, you don't have to worry about zero savings. You will have money when you need it most.

So you should strategize. Whenever you go into a rhythm of saving, you then just know how much you need to put away. You can create a high rate savings account or an investment account. You can work yourself in a process where you would have a split of your direct deposit straightly going to your savings account. You can also create an automatic transfer for each pay day, This will definitely help you with living on a managed budget. You will feel like living on a smaller paycheck, but on the other hand what you are doing is that you are building yourself a sizeabale savings account.

You need to follow this plan. You also need to check back your account in two or three months. You will find out that everything that everything is finally falling in its places. You should always stay on top of your bills and if there's still some left over, save it too.

Keep Your Promise

We think twice before lying to others, but when it comes to lying to ourselves we go so easy. You really shouldn't let this happen when it comes to saving. Whenever you miss your first payments the odds are that you will miss the second then the third. Then you will stop saving in a whole. The secret here is the persistence not the amount you are saving.

So Saving really is not tough. Don't be too hard on yourself on the fact that you haven't started savings yet. You just keep it consistent and the rest is assured .

Dipayan Sen Gupta's picture

About the Author


Dip is a freelance writer and a student at Brac University. He also loves to introduce himself as special agent in charge at Himu Corp.