Tell me how old are you and I’ll tell you how much you have to save

Financiers recommend to all people save 10-20% of your income either for a fixed purpose such as travel, study or others, but also as an emergency fund such as job loss, illness or some last minute need.

However, saving is not an easy task, especially when the economic situation presents us with high prices that no longer correspond to our income, added to this is the lack of financial education among people who do not know how to discern true needs. and cut down on these “ant spending”, which can be a significant amount of money if we add it all together.

“It is recommended to reserve at least 10% of salary.but the percentage can be higher if you avoid ant spending, that is, small daily amounts outside the budget, ”says economist José Luis Torres, regional manager of the Selva de Caja Piura area.

How much should you save according to your age?

The expert also advises using this savings guide according to age ranges:

• Up to 25 years: It is recommended to save at least 10% of your income, but the best savers in this segment save up to 30% of their earnings.
• People aged 25 to 35: They must reserve 17% of their salary, but the most disciplined can keep up to half of their income.
• People aged 35 to 40: The minimum recommended percentage of savings has been reduced to 15%. “While income tends to rise over time, fixed expenses like mortgage payments or child tuition fees usually show up as expenses after that age,” explains Torres.
• From 41 to 55 years: This is the strictest group with their expenses, it is estimated that he reserves 55% of his income.

Why save?

We often hear the phrase “Life is one” and use it to justify some extra spending, but travel, restaurants and other tastes and needs require money, so José Torres recommended setting a savings goal that generates motivation ..

“Plan your savings in the short, medium and long term. Once you reach your goal, you will want to move on,” he emphasizes.

Avoiding unnecessary purchases takes discipline, which is why Torres suggests adding up your daily ant spending to gauge its impact on your monthly budget. “If you have this data and a clear personal or family budget, you will have better control over your money,” the spokesperson says.

Follow these tips to save money

If you’re not in the habit of saving and think your spending list is too long, Torres also offers some tricks to organize your finances. “Great practice is to pay yourself first.” Robert Kiyosaki (Author of Rich Dad Poor Dad) As soon as you receive your paycheck, you must put a portion of your income into your savings account,” says Torres.

Another very effective and popular technique in the United States for those who have never saved money before or find it very difficult to do so is “Challenge for 52 weeks”. It consists in a gradual and growing increase in savings.

Starting by saving C/1 for the first week of the challenge, in the second week we reserve S / 2 and so on. The idea is that you keep the same amount as the corresponding week number. For example, in week 25 you will save 25 soles, and in week 52 you will save 52 soles. At the end of the 52nd week, you will have accumulated an amount of SGD 1,378. If you apply the same technique and start with S/10 soles, you will complete the task with S/13 780, expert Caja Piura explains.

The fact that savings is growing from a minimum amount to a maximum of 52 sols will make you perceive this as something easily achievable. You will be able to maintain the rhythm and not give it up halfway. We know that taking the first step into a new habit is always the hardest, but with this technique, there is no excuse.