How Santa saves up for Christmas | Saradar Bank | Banks in Lebanon | Personal Banking | A Digital Bank

How Santa saves up for Christmas

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Everyday is a new opportunity to either make money, lose money, or save money. This ongoing cycle of possibility keeps you on your feet, constantly thinking of money management (at least if you’re not doing that, you might want to consider starting). Managing your money is vital, especially if you have saving goals or other aspirations. Saving money is a pain, but if you break it down into milestones and steps it’ll be a walk in the park (that you can afford). Here are a few starters on how to achieve that:

 

Get Out of Debt

Before you plan out your goals, set your priorities straight. Getting out of debt should be your top priority and requires some proactivity on your end. Plan out your mortgage payments and always take the shortest payment plan affordable to you. Imagine your wealth as a bathtub, it will never fill up if you have a leak. Even worse, lingering in debt usually starts a domino effect of more debt and increased interest rates.

Get out of debt, I think you get the picture.

 

Make a List

You’ll find this tip in every help/how-to blog out there, it’s very simple but it works, seriously. Usually it’s easy to start your list, jot down all the things you’d like to save up for like a new phone, a trip to the Bahamas, or a new set of headphones (collecting points & miles really helps-a shameless plug). You’re still brainstorming, go crazy with ideas.

 

Check it Twice

Go over your list and reshuffle your goals by priority, urgency, and importance. Scratch the goals that seem far away (both in time and in reality). You can’t possibly save up $50,000 by the end of the year if your annual income is $60,000. In checking your goals make sure that they are SMART: Specific, Measurable, Attainable, Relevant, and Time-Bound. More on how to do that in our upcoming blog.

 

Crunch the Numbers

Now that you can visualize your goals you get to decide on how to go about saving up for them. You can choose to start saving up for the goal with the least amount and snowball into the rest or pick the heftiest goal and avalanche down the list. It’s also vital to set a timeline and a milestone system to keep your progress in check. For example:

If you want to save up $1,100 for the new iPhone 11, you can:

Save up $200 for 5 months.

Save up $400 for 3 months.

Save up $ 100 for 11 months.

Or simply, download the Saradar Bank mobile app and you can set your goals instantly and without hassle.

It all depends on your income sources - a good tip is to never save up more than 10% of your current income.

 

Ask for Help

Last but not least, no one ever does it alone. If you’re foreign to money management, ask the friend who plans his meals on budget. If you can’t fight the urge to spend, open a savings account. Those techniques still work but they’re a bit old school (if you’re old school, we’re all for it!). Nowadays, savings can be automated, and finance is digital- all the power in your pocket.

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