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Did you know that it is possible to save a million pesos and more in just six months? He will most likely have answered “no” but it is possible.

It may seem absurd, but it’s possible to save money during these two periods. This is accomplished through the “Challenge for one peso every single day” method.

It is about increasing your money’s value and saving money. This means that if you start with 100 pesos you will need to deposit 200 pesos the next day.

You must keep track of the process using a calendar (see graph) to see how much money is coming in and whether your goal has been met. You should not expect to see small savings or to see an increase in daily value.

This method also allows you to save by levels. That is, you can start with low fees and, as you reach the objectives, move up to higher levels. These levels will have higher values and will present a greater challenge. If you want to know more about how to save money click here lowearnings.com

Experts say this is a great way to save money and it’s also an option to try.

SOME ADVISES

Javier Cardenas (Business Consultant at Finance Group), stated that the golden rule of savings, which means that no one should spend more than 15% to 20% of their income, is a way for everyone to save money. He said that the ideal portion for developed countries is between 15% and 20%. However, in low-income countries such as Colombia, it should be 10%.

Cardenas made some recommendations based on these facts to reach the goal of saving 1 million pesos within six months.

– Save more than 10% of your salary. For this reason, you’ll need to be more careful with your spending.

– Generate additional income. You should also consider passive income. These are assets that generate income without your having to do anything.

Rent your savings in low-risk investments like CDTs. You can negotiate the rate, and when the security expires, you can take the principal and interest and reinvest it into a new security.

– Make sure you have a budget for your income and expenses. Include savings as a mandatory expense. You can follow us on Instagram

– Check monthly compliance with this budget. You can check it with your invoices or receipts. It is important to never stop asking for proof of payment.

You should set a goal for savings. Not only do you want to save one million pesos but you also need to know what you are saving the money for.

– Add the proposed goal to a timeline. This will help you know when it will be achieved. This will motivate you even more.

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