Rule one. You must first determine exactly how much you need to accumulate. To do this, you need to analyze all your necessary expenses for 6-12 months. The amount required per month is the arithmetic average for the selected period. Taking into account that the airbag must support a life support of 3 to 6 months, the final amount will depend on the number of months chosen.
Rule two. Set a deadline to reach your goal and start procrastinating. In an ideal model, you should set aside at least 10% of any of your income. But at the initial stage, it does not matter what amount will go to the reserve (percentage of income or fixed). Regularity is important in this process. This will form the habit of saving, allow you to see the result, and give you an incentive to save more. Having made the decision to save, you need to perceive the regular “withdrawal” from the budget as a mandatory expense. It is easier to save immediately when you receive a salary or any other income.
Rule three. Choose a saving method. Will it be a savings account or cash? Everyone decides for himself. However, it is no secret that money “under the mattress” is getting cheaper and the temptation to spend it is greater. A savings account or a card with interest on the balance will allow you to catch up with inflation, and the loss of interest in case of early withdrawal of funds will slow down the desire to spend them. The main thing to understand is that the airbag means must be available at the right time. Therefore, investment products are not suitable for reserve funds (investments and savings are completely different things).
Rule four. Optimize costs. Refuse spontaneous expenses, unused services (for example, paid subscriptions to services), look for ways to save money when buying products, entertainment. In saving, however, one should not go to extremes: the refusal to spend on health and education will not allow you to achieve what you want.
Rule five. Look for additional means to achieve the goal. Unique part-time jobs / monetization of your hobby, funds from the sale of unnecessary things, received tax deductions can be sent to the reserve. On the one hand, this will allow you to see the result faster, and on the other hand, it is easier to get rid of “unexpected” or unplanned receipts.
Rule six. Resist the temptation to spend what you have saved for other purposes. Airbag funds can only be spent in emergency situations: eg job loss, illness. You cannot spend money from the reserve on spontaneous desires – a new sofa or beautiful shoes will not help you survive in the absence of income.
Rule seven. In the process of saving, you need to periodically review your plan: evaluate the possibility of increasing the amount of savings (instead of a reserve for three months, save for 8-12 months), recalculate current expenses, because over time, monthly expenses may increase (for example, a child is growing and there are additional education expenses or rising food prices). All this may require an adjustment of the total amount to accumulate.