Saving can be very difficult when one doesn't have a permanent income plan. What are the best strategies for saving then when you deal with a temporary income plan?
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- Fords8
What is the best saving strategy with a temporary income plan
- Thread starter Stardom22
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If you have an irregular income such as working as a freelancer or other online work, the best way is to determine the percentage of your income each month, for example starting with 5% then you can increase the percentage after a few months to 10%, until the percentage reaches the target . Save money in a special account without ATM or mbanking.
eLdavis
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I think in a situation where you know the income coming in is not permanent, it would be best to save more than you spend. Limit how you spend and only spend on things that are needed and necessary.
The best bet is to save money as it comes. it is no permanent source so you can't have a fixed amount of savings for now
If you do not have a fixed or stable income, that means you cannot have a fixed amount of money which can be saved. Spend wisely and try to save as much as possible.
The one that can really work best for them is the fact of saving a percentage of whatever amount earned. With the consistent and time the small savings becomes huge for sure.
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Keep your savings in high yield saving accounts, where there is almost zero risk and in the same time a decent returns
I have realized that it's very difficult for the low income earners. I think that the thing that they can really help is by living frugallity life and save money for that.
