Saving Money for Beginners – part 1

„Saving Money for Beginners“ is part of a series of articles from our guest author Victor.


I have been saving money for almost 15 years. Every month. Each time I have the slightest chance to put money aside, I take the opportunity and move it to our savings account. I consider myself a person that gives importance to savings and someone who has the discipline to save money.   

I want to take the opportunity and share with you some of the experiences and tricks to slowly build up a savings account. This is, after all, the very first step for someone who has interest in investing either in the stock market, ETF, real state, precious metals, etc.  

You cannot invest money you don’t have, and the more money you have to invest, the more you can diversify and spread your risk.  

One of the first things to do, and to assimilate, is that saving money (or putting money aside) is as important as paying your rent, your phone bill, your internet connection, or any other monthly commitments you have (water, energy, etc).  

You need to ask yourself: Why am I committed paying a provider for a service? But I am not committed to pay myself for my future and personal growth?  

Right now you probably have monthly costs that take a big chunk of your salary. You accept, as we all do, that such expenses need to be paid. But why not dedicate an amount similar to what you pay for a monthly bill for savings?   

Do not confuse saving money with treating yourself with a night out, or the trendiest tech device everyone wants to buy. Saving is more important. Self-gratification purchases are always temporary, and also a topic for another day.  

The best is to start with a monthly amount in-between 10 EUR/USD to 50 EUR/USD (or the equivalent in your own currency). If you can afford to put aside 100 EUR/USD, even better.  Just like your phone or cable provider, every month, no matter what, deduct the amount (no more - no less, just as they do) from your salary and put it aside.

You will need discipline and control, in order not touch the money again once it has been put aside. The best way is to open a sub-account at your bank. Inform yourself if this is something they offer. If not, open another account at another bank.  

This account will be officially your savings account.  

It is very important to have the discipline to control your costs. For the same reason, this account should not cost you extra. It is only for parking money, increasing your savings and to decide later what to do with it.

Then you should have an automatic monthly amount to be deducted from your main account to be deposited in your savings account: 10, 50 or 100 USD/EURO or equivalent. 

It works best if you don’t have a card or anything that will allow a quick or impulsive withdrawal from your savings account. A double verification mechanism to withdraw money also works well. 

This is the first (and important!) step on your long road to have solid savings for your future. Stay tuned for part 2 on the Series “Saving Money for Beginners” at guanshe. 


Do you have any other tips? Feel free to share them with us and write a comment.

(Please do not forget to subscribe to the article in order to receive notifications of further comments.) 


Did you like this article? Please rate it! 



Photo: Victor/Private

Rate this Article
1 votes
Order by: 
Per page:
  • There are no comments yet
These articles may also be of interest to you
Your savings bank account: be serious
05.11.2018 · by Victor
Create a small source of income „on the side“
15.10.2018 · by Victor
Try to save in each opportunity (but don’t exaggerate!)
10.10.2018 · by Victor
Have discipline and don’t lie to yourself
09.10.2018 · by Victor
Start your savings account and make it grow!
03.10.2018 · by Victor