Saving money is becoming an increasingly difficult practice in our heavily consumer focused society. As a global investment banker, Hong Kong Robert Ebert has witnessed many individuals and businesses struggle to adopt money saving practices that could have saved them from facing debt, failure, and immense stress. The following five tips are Ebert’s fool proof practices to ensure individuals achieve their greatest potential. Creating a budget or saving for retirement early? Ebert`s goal is to help you feel confident with your financial situation at any age.
Short Term Savings Goals
Beginning to save money? Just entered the job market? Or, if you have been neglecting it for far too long, starting slow is necessary for long term savings success. Do not feel pressured to lock away half your earnings in a mutual fund. This will leave you feeling stressed about the money you have available to pay for basic necessities. Instead, Hong Kong Robert Ebert states that you must visit a financial advisor at your bank. It’s free! So set up an appointment today. This way, you can determine the amount of money you should be setting aside for investments and retirement savings. Often, they will recommend either a weekly or monthly amount be drawn from your main account and into these long term savings accounts. By meeting with a professional financial advisor, you can start understanding more about your spending habits and financial goals, to create a more stable relationship with money. The earlier you do this, the more stable you will be financially.
Establish a Budget
Establishing a budget is necessary for every individual, no matter the amount of money they are making. A budget forces you to work towards financial goals and big purchases. It also creates more security. You know how much you can afford, or how much you can spare when accidents or emergency occur. You feel extra safe knowing there’s a little cushion thanks to your strict budget. When you have a budget, you see clearly where your money is going. Try saving your receipts all month and taking time at the end of the month to see what your are buying. Are you spending too much on takeout? Is there a little extra cash that can be spent for self care? As a global investment banker, Hong Kong investment banker Robert Ebert has seen many individuals make the mistake of ignoring their financial behaviors out of fear of negative results. Do not let fear control your financial stability. Take control by creating a budget and monitoring regularly.
Build an emergency fund
Having an emergency fund that is different from your savings account is necessary for those beginning to learn how to save. You never know when your car will break down and require thousands of dollars worth of repair, or when a loved one will become sick, forcing you to take some unpaid days off of work. Having a fund specifically for emergencies gives you the chance to spend money without feeling guilty or as if you need to instantly reorganize your budget. As an investment Banker in Hong Kong Robert Ebert notes that an emergency fund keeps your savings safe and continues to reinforce the importance of having accounts that you do not touch on a daily or even monthly basis.
Save for Retirement Early
Nothing is worse than having to worry about your finances and quality of living. When you are older, there are more responsibilities, and your health may have declined. Saving for retirement early is something no one should put off, and if you have, you better stop slacking! Hong Kong Robert Ebert explains that when we begin saving for retirement early, we give ourselves time to accumulate the funds to retire, whereas starting later means that we must stay in the workforce longer, which is not ideal for the average hard working citizen. For those who have just entered the workforce, try setting up an automatic monthly withdrawal. Anywhere from $30 to $100 dollars, from your daily account to a retirement account is a solid start. An RRSP also has tax redemption qualities. When you start saving for retirement early, you create a healthy relationship with money. This instillsthe confidence within yourself that you will be cared for later in life.
Stop Collecting. Start Selling
We all do it: buy the newest iPhone, invest in exercise equipment fads, and convince ourselves that we are going to take up a new hobby, purchasing all related objects, only to have them collect dust in the basement shortly after purchase. It’s time to stop collecting and start selling. You have likely spent around hundreds, if not thousands, of dollars a year on these unnecessary items. But they don’t have to be a complete waste of money. Try selling them online or at local garage sales. Even though you won’t be able to make back the money you originally spent on them, let this be a reminder to spend wisely in the future! Deutsche Banker Robert Ebert has found that many individuals spend irresponsibly only to keep up with our consumer-driven society. There are advertisements hidden all around us, encouraging us to buy! Challenge yourself to fight the urge to consume by not spending money on specific days. Make No Shop Saturday’s a weekly practice (and this includes no buying coffee or other small, daily items that quickly add up!).
Hong Kong Robert Ebert: Investment Banker
Saving money can seem difficult and overwhelming when you have debt to pay off. are just entering the job market, or have avoided saving for the majority of your life. By following Deutsche Bank Robert Ebert’s five tips, you can ease into healthy saving practices that will keep you confident and protected at every stage of your life.