On a final note on increasing your savings, the single most important tip would be to pay yourself first. Although this was mentioned previously. I can't stress this enough. Many people usually pay everyone else first (like what was shown in the Profit & Loss statement post) and then save the balance.
What would be smarter to achieve your goals faster & more efficiently is to pay yourself first. Whenever you get your pay or total income, just immediately set aside 10 - 20%, or more if you can afford it, into your savings account. Then pay everyone else with the balance you have left. If you find that you're left with insufficient funds to pay them, then instead of touching your savings account, cut your expenses or increase your income as I explained previously. Do not touch your savings unless it really is an emergency case. Be discipline. Do not be discouraged or impatient at the speed of growth of your savings. This is only setting the foundations in place for more opportunities to emerge. The turtle eventually won the race compared to the hare, remember?
However at the end of the day, it comes down to what you really want. If you wish to be finally financially free or at least have more than pennies in your savings account then please start saving. If you want immediate gratification and have a need to spend lavishly then just know that you risk having pennies in your savings account at the end of the day and after years of working. It's your choice in the end. This is only a blog to share about what I've learnt from the various authors, searches & talks that I attended.
Happy saving and good journeying in your path towards financial freedom.
Till next time,
~K
